Business Leader – 2 May 2018 May 2018
Bristol entrepreneurs back fast growing tech business
Fast-growing technology company Rovco, which is developing 3D vision and Artificial Intelligence techniques to carry out sub-sea inspections, has received £400,000 investment from the Bristol Private Equity Club.
Rovco, based in central Bristol, close to Temple Meads, is planning to grow from ten to 30 employees in the next year as it further develops its technologies for use in the offshore renewable industry and oil field decommissioning.
Brian Allen, founder and CEO of Rovco, said the move will not only provide the capital for the company’s next steps but also links the business to some of Bristol’s most influential and knowledgeable business brains.
He said: “The only real way for a business like ours to be successful is to sell equity and work in partnership with our new shareholders. This investment from Bristol Private Equity Club links us with 19 well-established successful business people from the Bristol area and enables us to plug into their network as we grow.
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“The club is absolutely brilliant to work with and is extremely well organised and we like the idea that it is all Bristol business people involved.”
Rovco is aiming for its technology to be used instead of high-res video cameras for underwater inspections around offshore windfarms and on underwater pipelines and cables. Its 3D vision system and AI data analysis cuts the cost of underwater inspections and maintenance.
The business was launched in September 2016 and received funding from InnovateUK, the government’s Technology Strategy Board, which financed 70% of its first two project stages, as part of the UK’s robotics and AI in extreme environments programme in the AI sector deal.
Jerry Barnes, Bristol Private Equity Club, founding member said: “We feel that Rovco and the Bristol Private Equity Club are a perfect fit. There is no doubt that they are developing technology that is going to make a real difference in important industries and that the business can scale-up very quickly.
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“It is fantastic that these businesses are forming and growing in Bristol and our club members want to do all they can to encourage local success. We are not alone in spotting the potential of Rovco as they have other individuals and investment syndicates backing them but the unique nature of the Bristol Private Equity Club means we will provide much more than just a source of finance.”
pwc – 18 May 2018 May 2018
Nigel Howlett, UK digital private business leader at PwC, commented: “With our huge network and specialist skills, PwC is ideally placed to do this and we’re helping break down the barriers that can prevent collaboration even getting off the ground, whether that’s the inexperience of startups or the complexity of government and the public sector.”
Previous participants in PwC’s scale-up programmes collectively raised £295 million in equity on joining and have since been valued at $1bn, demonstrating rapid progression and quality. As well as investment, the cohorts received 1700 introductions to over 800 relevant executive stakeholders driving commercial opportunities for both parties.
The Scale | GovTech Cohort
Aid:Tech – Pioneer in Blockchain technology, revolutionising how governments deliver entitlements across the world.
Autonome – Learning Disability Support Provider using technology to deliver and measure independent living skills.
DiGi Consul – Consular management platform that brings technological advances to the consular process, enhancing officer judgment and improving the first line of defence in border security.
Dotin – Silicon Valley based technology company with a cognitive solution for a users true digital identity; applications to maximise recruitment, retain key staff and seek appropriate training for individuals in large organisations.
Highside- A secure Slack/Whatsapp alternative for organisations handling sensitive and regulated data.
The Hire Lab – Cutting edge candidate recruitment platform that automates and streamlines the hiring process from Application to Onboarding. Designed to speed up the recruitment process and deliver a personalised experience for every candidate.
Novoville – A Citizen Engagement application that bridges the gap between cities and citizens, by reinventing the relationships between cities and the people that live in them; making governance more efficient, participatory and cost-effective.
Redsift – A cloud based DMARC solution that helps organisations secure their domains against impersonation, blocking phishing attacks and increase the deliverability of authorised emails.
Tascomi – An industry-leading software developer producing cloud based solutions for building control, planning, public protection and online services.
Tessian – The next-generation email security platform to prevent highly sensitive information being sent to the wrong people.
Verimuchme – A Digital Consent Framework, providing a revolutionary way to store, verify and reuse identity and personal information”
Vida – An innovative care platform, providing high-quality, fully managed home care. Completely tailored to the individual.
The participants on the programme will undergo a business development curriculum, receive advice across areas including scaling in the government technology space, negotiating the public procurement process, and areas of sector specialism, as well as access to London Newham and PwC’s extended community of experts.