With 2020 being such a difficult year for everyone, we are extremely excited and proud to announce that Foresight Williams Technology fund have ‘double downed’ on their investment with an additional £1.45m into Inovo Robotics. The new investment takes the total investment to £2.95m to help us realize our vision of making flexible robots easy to use and accessible for all.
Having this continued support from Foresight Williams is hugely important to us, and their faith in the team, the market and the technology allows us to develop these tools which will help many thousands of businesses increase their productivity. With the ‘new normal’ upon us, and in these uncertain times, the need for safe, secure and easy automation is needed more than ever.
Finally, we would like to thank our clients, customers and everyone for their continued support in what we do, and we are very much looking forward to taking the next steps to helping to add value to those businesses we serve. Let’s Automate!
Commenting on the investment, Andrew Bloxam, Senior Investment Manager at Foresight, said: “It has been a pleasure to see Inovo bring its product to market since our initial investment in late 2018. Now, with strong interest from customers and the need for automation solutions like cobots growing rapidly, we are delighted to invest again and support the company as it scales up.”
Matthew Burke, Head of Technology Ventures, Williams Advanced Engineering, added“Inovo has made excellent progress since our initial investment and is now poised to capitalise on the growing need for automation in the workplace. We are also delighted to see the interest Inovo has generated with our partners following introductions from WAE.”
About Foresight Williams Technology EIS Fund (“the Fund”):
Foresight and Williams announced the unique collaboration represented by the Foresight Williams Technology EIS Fund in November 2016. It combines the Williams Advanced Engineering team’s expertise with Foresight’s successful investment track record.
The Fund enables investors to qualify for relief under the UK Government’s Enterprise Investment Scheme (“EIS”) for investment into early stage UK SMEs with strong intellectual property in their own specialist fields.
The Fund plans to make investments into at least ten qualifying UK SMEs, supporting the next generation of engineering technology success stories in the UK.
About Foresight Group LLP (“Foresight”):
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has more thank £2.5 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs) and Inheritance Tax Solutions using Business Property Relief (BPR).
Foresight’s Private Equity team, comprising 24 investment professionals, pursues four discrete but complementary investment styles: Venture, Impact, Growth and Replacement Capital through its growing regional office network.
Foresight was voted ‘Best VCT Investment Manager’ at the 2017 Growth Investor Awards, having been previously awarded ‘VCT House of the Year’ at the 2016 Unquote British Private Equity awards. Foresight was recently a shortlisted finalist in the 2018 Unquote British Private Equity Awards as Venture and Growth Capital House of the Year.
Foresight is headquartered in London with regional UK offices in Manchester, Nottingham, Milton Keynes, Leicester and Guernsey and international offices in Sydney, Rome, Seoul and Madrid.