A geospatial firm whose software helps utility companies to map the location of pipelines and infrastructure and keep services up and running has raised £600,000 from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.

Mobile GIS Services (MGISS) uses satellite data and mapping technologies to help operators identify potential risks, such as construction work taking place close to underground cables or power lines, or when planning new projects to ensure the work does not affect existing infrastructure. 

The funding will support the development of a new and more powerful system that MGISS is working on with the European Space Agency (ESA). It will use high-resolution satellite images provided by the ESA to create an ‘eye in the sky’, enabling utility firms worldwide to oversee key locations while cutting carbon emissions by reducing or removing the need for helicopters ‘fly overs’.

MGISS, which is based in Liverpool and employs 14 staff, expects to create 11 new jobs in the year ahead as a result of the funding. The latest investment follows three years of growth, during which time it has increased annual recurring revenue by over 300 per cent.

Current clients include Northumbrian Water Group, Wales and West Utilities and Severn Trent Water, construction firms such as Galliford Try, and bodies such as the National Trust which uses its systems to map heritage sites and South West Peatland Partnership which uses them to monitor conservation work.

Mercia first backed the company’s CEO Mike Darracott, a geospatial specialist, in 2014 through another of its funds under management, the North West Fund for Venture Capital, to enable him to set up a consultancy business.

“Supply interruptions cost utility companies billions of pounds each year, not only in trying to repair and restore supplies but also paying compensation to customers. Construction work is a key cause of disruption and the situation is likely to get worse in the future if planning laws are relaxed. Our systems help them make the most of the available data and take a pro-active approach to identifying and tackling potential hazards. The new system will be the most powerful to date and could help companies to dramatically reduce downtime, regulatory fines and their environmental impact.”

Mike Darracott

“MGISS has successfully pivoted from being a consultancy firm to a software business and achieved impressive growth in recent years. The company addresses a key concern for utility providers. We are pleased to support the development of this new solution which we believe will have a huge global market.”

Rob Hornby of Mercia

“Investment into technology is crucial in creating a hub of innovation and excellence across the North. Working with the European Space Agency, the work of MGISS goes beyond its Liverpool base, demonstrating the reach of NPIF beyond just its geography.  We look forward to supporting the business as it continues to grow.”

Keira Shepperson, Director  at British Business Bank

The current NPIF investment phase has now completed with the British Business Bank launching the Northern Powerhouse Investment Fund II in March 2024.

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. 

ENDS

About Mercia Ventures

Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech. 

Mercia Ventures is part of Mercia Asset Management PLC and sits alongside its wider private equity, debt and proprietary balance sheet capital operations. The Group has 11 offices in the UK and Mercia Ventures’ national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help our partner companies successfully achieve their ambitions. Mercia Asset Management PLC currently has c.£1.4billion of assets under management and, since its IPO in December 2014, has a portfolio of over 400 start-ups from pre-seed to Series B. Mercia Asset Management PLC is quoted on AIM with the epic “MERC”.

The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds and details about open offers can be found through Mercia’s website.

Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –

• Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
• Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
• EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560

www.mercia.co.uk

• About The Northern Powerhouse Investment Fund

• The current NPIF investment phase has now completed with the British Business Bank launching the Northern Powerhouse Investment Fund II in March 2024.
• 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