Manchester start-up Stream Sensing secures six-figure funding round from NPIF – Maven
Quality control innovator secures R&D investment
Manchester-based Stream Sensing Limited (Streaming Sensing), a specialist in advanced industrial rheology has secured a six-figure investment from NPIF – Maven Equity Finance, managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund (NPIF).
Founded in 2020, Stream Sensing provides next generation flow property sensors used for the quality control of fluid products. Clients are expected to be manufacturers in the fast moving consumer goods (FMCG) sectors including large blue-chip organisations.
The NPIF funding will allow the business to embark on the next stage of its growth journey, developing a new innovative generation of rheometers that use heat pulse technology to quickly and accurately measure the flow profile of liquid in a pipe. With greater investment into R&D, the company is looking to improve its industry leading technology to provide greater quality control whilst also working more efficiently and accurately, broadening is commercial appeal.
Traditionally, processing companies have used sampling solutions that measure flow properties during the manufacturing process. This often results in longer manufacturing lead times, poor quality control and supply chain inefficiencies. Stream Sensing’s solution is unique, in that it provides in-situ, real-time measurements that lighten the operational workload, creating a cost-savings through optimisation.
Stream Sensing’s technology has applications in multiple sectors and is now targeting new lucrative industries, such as specialty chemicals, pharma and oil and gas.
Backed by a management team of renowned leaders in electrical industrial tomography,Ken Primrose, CEO of Stream Sensing specialises in business planning for spinouts from universities.
Dean Cox, Investment Manager at Maven, said,
“Stream Sensing’s management team have a strong reputation in their highly specialised sector and are excited to be supporting a business that has developed a proprietary technology that provides a unique quality control solution. During our diligence, several blue-chip organisations endorsed the team, the technology and the customer value proposition of Stream’s technology. Ken is a driven leader in his technical field with a compelling strategy and vision for the company and we look forward to working with him in helping to drive the business forward.”
Ken Primrose, CEO, of Stream Sensing, said
“Our new steps in rheology instrumentation present advances in process efficiency, digital manufacturing and what is called the ‘Fourth Industrial Revolution’. I am very excited at the opportunities opening up with the NPIF investment”
Grant Peggie, Director from British Business Bank, said:
“It is one of NPIF’s focuses to ensure exciting, growing businesses like this are supported in their growth journey and investments such as this demonstrate the importance of access to financial support across the North.”
Leading North West law firm Napthens’ provided legal advice on the transaction,with partner Keith Melling and senior associate Joanne Cooper from the commercial division overseeing the deal.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
For media enquiries or any questions about the investment, please contact:
|Maven Capital Partners|
|Emma Neal||0191 731 8590||[email protected]|
|020 3195 3240||[email protected]|
Notes to Editors
About Maven Capital Partners UK LLP www.mavencp.com
Maven Capital Partners UK LLP (Maven) is a lower-mid cap private equity house focused on the provision of growth capital and mezzanine finance to SMEs across the UK. It is one of the most active private equity fund managers in the country, managing over £415 million of assets for a variety of client funds, including Venture Capital Trusts, UK regional debt and equity funds, and Maven Investor Partners – a syndicate of institutional, family office and experienced investors.
Headquartered in Glasgow, and with ten other offices throughout the UK, Maven has nationwide coverage of the market for SME finance and is introduced to around 400 deals per year through 20 regionally based investment executives. With over 50 staff and partners, Maven executes a range of private company transactions, offers hands-on proactive portfolio management to investee companies and provides a fully integrated back-office support function to client and third-party fund managers. Since 2009 Maven has invested over £285 million in SMEs across the UK.
About The Northern Powerhouse Investment Fund
- The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
- The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
- The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding.
- The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
- The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
- The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb