Worcestershire tech firm accelerates growth after MEIF investment
Supporting D-RisQ in developing its automated software tools and improving its reach across all high tech business sectors
Malvern-based D-RisQ, has secured £360,000 from the Midlands Engine Investment Fund (MEIF) Equity Finance Fund, managed by Birmingham venture capital firm Midven.
Significantly raising the profile of the company, and enabling work with a wider range of businesses, D-RisQ plans to use the funds to further exploit the development of its range of automated software tools, increase its sales and marketing function and take on a number of new recruits.
D-RisQ has a highly experienced management team, led by Nick Tudor, Prof Colin O’Halloran and David Sheppard, who each have over thirty year’s experience in senior roles within the aerospace, defence and automotive sectors and who initially worked together at the UK Defence Research organisation, QinetiQ Ltd. Here they were involved in the development of CLawZ®, a semi-automatic verification tool used on the Eurofighter aircraft, the commercial exploitation of which formed the basis of D-RisQ’s technology and tools.
Nick Tudor, Chief Executive Officer at D-RisQ, says:
“This investment marks a significant step forward for D-RisQ, enabling us to form a valuable partnership with Midven and the MEIF. The additional finance will accelerate the Company’s growth and provide access to additional business expertise, enabling the transition from a research and development company to a major supplier of automated software development tools.
The technology we utilise is a ground-breaking mathematical approach and the resulting products will be the culmination of hundreds of years of development effort which are set to have a significant world-wide impact on the safety and behavioural assurance of software systems.”
Giovanni Finocchio, Midven’s Investment Director said:
“This is an exciting investment for MEIF, led by a team of experienced and talented individuals. D-RisQ has produced a suite of tools that enable software developers to design and produce software that performs predicted behaviour.
The tools will give businesses the opportunity to save millions on costs from wasted resources and the testing of software that doesn’t perform as initially intended. Take for example autonomous vehicles, any flaws in software design and code can have disastrous consequences, so having tools that perform checks and balances is a must. I’m looking forward to working with D-RisQ, it has great potential.”
Grant Peggie, Director, at the British Business Bank said:
“This investment demonstrates how the MEIF is making a real difference to innovative businesses in the region, supporting new skilled jobs and enabling businesses to grow and move into new markets. We would encourage growing businesses in Worcestershire and beyond to consider the financing options available through the Fund.”
Gary Woodman, Chief Executive of Worcestershire Local Enterprise Partnership, said:
“It is fantastic to see another Worcestershire business being supported through the Midlands Engine Investment Fund. Cyber Security and technology is a key sector here in Worcestershire and this significant investment will help D-RisQ to develop and implement an effective communications and marketing plan, allowing them to further grow over the next few years.”
NOTES TO EDITORS
CEO, D-RisQ Ltd.
Email: [email protected]
Tel: 01684 252452
About D-RisQ Ltd.
Founded in 2012, D-RisQ specialises in the development of automated software tools that improves system safety across a host of industries, including aerospace, automotive and security. Located in the Malvern Hills Science Park, the tools will revolutionise the way that the world’s electronic systems with software are developed. The technology provides absolute proof of behaviours without much of the need for manual review and test, so drastically reducing development time and cost. This is an enabling technology for highly complex interactive systems with autonomy and machine learning, which is currently struggling to assure system behaviours through traditional test methods.
About Midven and the MEIF