iEvo secures funding from Finance for Business North East accelerator, looks to scale

Having freshly secured funding from the Finance for Business North East accelerator fund, fingerprint scanner manufacturer, iEvo says it’s on track to quadruple its earnings by 2016.

The funding, worth USD $318,800 (£250,000), will help iEvo to improve its product range and double its seven-strong workforce. Now, after spending the last 18 months in the UK market, iEvo is now looking overseas.

Reported in nebusiness.co.uk, iEvo has also recently moved to the Tyne Tunnel Trading Estate and is celebrating new business wins.

“With this latest investment we will actively be targeting other countries,” Director Stuart Ging said. “One of our target markets is South Africa, where 80% of doors are controlled by biometrics as opposed to card readers.”

Reported in BiometricUpdate.com, Lifestyle Fitness in the United Kingdom is using fingerprint access control pds from iEvo across its chain of gyms.

“We’re on track for healthy turnover this financial year and that turnover has doubled year on year since we began trading in 2010. I see now reason why we can’t achieve further growth in the next three years,” Ging said.

According to the nebusiness.co.uk report, following two previous investments totalling US $458,310 (£300,000) from the accelerator fund managed by Northstar Ventures, iEvo is averaging 25 new installations per month.

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