Investors help life saving equipment become reality

Investors help life saving equipment become reality
  • Date: Friday 19th May 2017

Alert Celebrate

Alert Technology Ltd, a South Devon based business, celebrated the successful first close in their first ever investment round of c.£700,000 at the end of 2016 and are now looking to top up this investment with a lift round on SyndicateRoom.com.

Thanks to receipt of this private investment, Alert Technology Ltd have been able to commence early production work on their life-saving new technology, the Asbestos Alert - the world's first and only, real time warning device for airborne asbestos. Designed for people likely to disturb asbestos containing materials at work, the 'Asbestos ALERT' offers an early warning and will be a vital first line of defence helping reduce the risk of prolonged exposure to airborne asbestos - the world's biggest occupation killer, taking over 100,000 lives globally and is responsible for 1 in 3 occupational cancers.

Like many new technology start ups Alert, which is a spin out from The Select Group of Companies, struggled to find traditional finance. Early funding in the form of an EU FP7 Proof of Principle project enabled Select and a consortium of EU experts, including the University of Hertfordshire, to develop the Alert to a proven working prototype.Alert

Following the successful completion of the EU funded project, Alert was largely self-funded by Select. Following a number of lengthy, high scoring but ultimately unsuccessful bids for further EU funding, Select's MD Alan Archer made the difficult decision to spin Alert off from the core family-owned business and pursue private equity investment.

"It wasn't an easy decision to make", says Mr Archer, "but we knew in order to accelerate Alert to market and capitalise on our technological lead, we needed a large cash investment. Unfortunately but not surprisingly, the banks were simply not willing to risk financing a new technology start up, so our the only option was to sacrifice equity in our company in return for the much needed-funds"

Thankfully Alert were introduced to NCL, one of the UK’s leading early stage technology investors who immediately saw the global potential in Alert's technology and management team. NCL backed Alert Technology as lead investor with a £500,000 investment made through the Kent County Council supported Discovery Park Technology Investment Fund (DPTIF) which is an early stage venture vehicle for promising R&D and technology firms.

NCL logoJonathan Synett, Investment Director at NCL who now sits on the Board as a Director of Alert Technology Ltd, says "At NCL wepride ourselves on being able to identify the next big thing, especially when it comes to the kind of disruptive technologies which Alert Technology so clearly represents. Working with us through DPTIF, Alert are getting the kind of wrap around support, advice and opportunities to take something which clearly has so much potential in safe asbestos removal from brilliant concept to an industry changing market success.”

ProductionAlert raised an additional £200,000 of investment to reach its minimum funding target of £700,000 in its first close. The additional funds came from the company's founders, Alert's production partners and private individuals including friends, family and angel investors.

This vital capital has enabled Alert to hire key personnel; develop a number of new commercial interests; advance product development and commence early stage production and the company plans to commence early stage commercial field trials in the coming months with key industry players including the HS Labs, the HSE's laboratory and plans to become revenue generating within months.

Alert Technology are now running a 'lift round' on SyndicateRoom to raise an additional £300,000 which will predominantly be used for faster development of new models and sector-specific models with increased airflow and other patentable technological advancements, and brand marketing.

 

To find out more about Alert visit www.asbestos-alert.com or contact Loretta King, Marketing and Communications Director at Alert Technology Ltd on 01803 540154. 

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