April 7, 2015 -
UK biometric manufacturer IEvo recently worked with regional fund management firm NEL Fund Managers to secure £200,000 ($297,064) from the Finance For Business North East Growth Fund, which it will use to fulfill both more and larger contracts, according to a report by bdaily Business News.
IEvo designs and develops fingerprint readers for a range of applications, including health clubs, construction sites, educational institutions, and manufacturing facilities.
Using multispectral imaging technology, IEvo is able to generate reliable fingerprint images, while its fingerprint readers are able to even scan through certain types of latex gloves.
The recent growth fund investment follows three successful rounds of funding provided by Northstar Ventures since IEvo first launched in 2009.
“We chose to partner with established industry-leading manufacturers like Paxton and Honeywell where we saw ways to use our technologies to enhance what they offered, and we’ve grown to achieve a multi-million pound turnover already through offering the most reliable, easy-to-use system on the market today,” said Oakes. “The demand for the type of products we supply is growing at home and overseas across a range of industries, and having more working capital available means we’ll be able to go after even bigger and better contracts.”
The firm has a staff of 12, but is planning on hiring an additional five employees across operational, sales and marketing roles, and anticipates another hiring round as the company grows.
IEvo began by importing biometrics equipment from East Asia, but quickly discovered that it could develop better products in house that were better suited to the needs of organizations and companies in UK and Europe, said managing director Shaun Oakes, who operates the company with partner Stuart Ging.
“The IEvo management team clearly understands how to utilise external capital as a way of helping their business reach successive goals, and their future plans presented us with an excellent investment opportunity,” said Jane Siddle, investment executive at NEL Fund Managers.