Fundraising round supports Reactec’s development of social distancing tech
Reactec, the Edinburgh-based tech company that recently launched its innovative SAFE-DISTANCE device to enable social distancing among workers, has completed a further £700,000 round of fundraising for the ongoing development of its innovative personal monitoring equipment and reporting technology.
The funding round was led by leading business angel investment syndicate, Archangels, with co-funding from Scottish Investment Bank, the investment arm of Scottish Enterprise. The funding round included £103,000 of investment from Reactec’s board, management and staff.
Reactec is the UK market leader in monitoring and data analytics for hand and arm vibration syndrome (HAVS) – one of the most common industrial diseases in the UK. In 2019 the workplace health monitoring capabilities of its wrist worn HAVwear device were expanded exponentially with the introduction of an “Internet of Things” communication hub and collaborations with leading suppliers of specific health risk monitors, to provide a flexible holistic connected worker platform. The funding round is aimed at expanding Reactec’s health risk sensor portfolio and internationalising its footprint. In response to the workplace challenges of the COVID-19 pandemic Reactec’s system, was further developed to enable companies to help their workers to observe social distancing protocols while at work.
Since its launch in May 2020, SAFE-DISTANCE is now being used by 80 customers around the UK, deploying 4,000 devices with this additional facility. Enquiries have been received from a further 186 companies.
Jacqui McLaughlin, CEO of Reactec, said: “Our technology roadmap is all about empowering companies with real life insight to the risks their employees face at work. The added ability to help companies and their workers get back to work safely by helping them to maintain a safe distance from each other is another string to our bow and I’m proud of the team that has developed this facility in such a short space of time. It has caught the attention of the media and of hundreds of companies who are wrestling with the restrictions that are being placed on all of us as a consequence of the Coronavirus crisis.”
Dr Sarah Hardy of Archangels Limited, said: “Staying healthy and safe at work has always been Reactec’s goal but now, more than ever before, the company’s ability to harness the latest technology to keep those at work safe at work is hugely valuable. Archangels has a strong track record in supporting innovative Scottish companies and we are confident it is those such as Reactec that will succeed by deploying clever technology in new ways to tackle the new issues that we face in a post COVID world.”
Kerry Sharp, Director, Scottish Investment Bank, said: “The Reactec team deserves huge credit for its perceptive assessment of the workplace challenges created by COVID-19 and the speed with which it’s adapted its products to address those difficulties. It’s this kind of sharp, innovative thinking that will help reset, restart and recover the economy.
“We believe that with the support of its investors, Reactec will continue to evolve its offering and grow its business, with its ingenuity ultimately being recognised on an international scale.”
Notes to editors:
THE COMPANY: Founded in 2001 as a spin out from Edinburgh University, Reactec began as experts in the characterisation of vibration and its impact. Following the release of the Control of Vibration at Work Regulations 2005, the company innovated monitoring technologies to help protect employees from harmful exposure to vibration. The automation and analysis of the large data sets being gathered by Reactec’s vibration monitoring technologies has positioned the company now to offer more holistic connected worker information management.
PRODUCTS: From the first to market on tool monitor of exposure to HAV, the HAVmeter, Reactec raised the bar on giving a practical real-time assessment of HAV exposure by releasing the wrist worn HAVwear in 2016. Reactec’s monitoring technology is supported with automatic data management infrastructure and hosted on-line analytics. Under strict GDPR compliant technology and protocols, Reactec process monitoring data for over 75,000 UK workers. Reactec released their RASOR communications hub technology in 2019. RASOR enables live data from Reactec’s HAVwear and other third-party Bluetooth enabled monitors to be collated in a single powerful data Analytics while also providing the critical elements of lone-worker functionality.
INDUSTRY: As an industry leader, all of its products are manufactured in the UK and are used in a wide range of different applications within the construction, transport, aviation, manufacturing, grounds maintenance and facilities management sectors.
ACCREDITATION AND ISO: Reactec is an ISO 9001:2015 Registered Company and is certified as compliant to the requirements of Cyber Essential Plus Scheme. Reactec’s HAV monitoring technology has been developed to help organisations meet their legal obligations under the Regulations and their moral obligations in protecting employees from HAV exposure. This includes ground-breaking research published in the International Journal of Industrial Ergonomics.
What is HAV / HAVS?
- Hand Arm Vibration (HAV) is the cause of one of the most common industrial disease in the UK, Hand Arm Vibration Syndrome (HAVS) – also known as Vibration White Finger – with estimates that over 1 million UK workers are currently exposed to vibration over the HSE limit (source: HSE).
- There is no cure for HAVS, there is only prevention (source: HSE).
- 2 million* people in the UK are at risk of HAVs. But currently there are under 100,000** using monitoring systems, around 5% (source: *HSE **Reactec).
- 300% ise in financial penalties relating to HAVS fines since new sentencing guidelines were introduced in 2016
- 42% rise in the number of ‘Hand Arm Vibration’ non-compliances recorded through 20,000 site inspections in 2016 (source: BSG).
- There are 300,000 people suffering from HAVS in the UK (source: HSE).
- Successful HAVS related industrial disability claims have increased by 69% in last eight years (Industrial Injuries Disablement Benefit).
Archangels is a prominent business angel syndicate which has been at the forefront of early stage investing in Scotland for more than a quarter of a century. Its members invest in, and mentor, promising start-up and early stage companies from Scotland’s vibrant technology and life sciences sectors. Originally formed in 1992 and based in Edinburgh, the syndicate now comprises over 70 investor members and leads investment of around £10m per year in early stage Scottish companies, including leverage from partners, the largest being the Scottish Investment Bank.
Archangels is interested in Scottish technology companies, which are looking for initial funding of £50,000 to £2m. In addition, Archangels is keen to welcome new investors to its syndicate. www.archangelsonline.com
About Scottish Investment Bank
The Scottish Investment Bank (SIB) is the investment arm of Scotland’s main economic development agency, Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of co- investment funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF), Renewable Energy Investment Fund and the Scottish Recycling Fund. SIB is the cornerstone investor in the privately-managed Scottish Loan Fund, managed by Maven Capital Partners and an investor in Epidarex Capital’s life sciences fund. SIB’s investment funds support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital. SIB also provide a team of Financial Readiness specialists to help companies prepare for new investment and access appropriate finance.