Company gets £250k of funding for jobs
A NORTH Shields manufacturer of pioneering biometric security equipment is set to create more jobs after receiving a £250,000 cash injection.
ievo designs and manufactures one of the world’s smallest and most advanced fingerprint scanners.
And now, shortly after moving to larger premises on the Tyne Tunnel Trading Estate, it has secured another round of funding from the Finance for Business North East Accellerator Fund, which is backed by the European Regional Development Fund and the European Investment Bank.
Thanks to the funding it will now be creating five new management jobs in customer service, technical and export roles, as part of its expansion.
ievo’s products meet the growing demand for access control in airports, hospitals, offices, data centres and hotels.
It currently has two biometric finger-readers, which can be used in temperatures as low as -20 degrees Celsius, in wet conditions and through some latex gloves.
Following two previous investments totalling £300,000 from the accelerator fund, managed by Northstar Ventures, ievo is now averaging 25 new installations a month in primary schools, banks at Canary Wharf, casinos, the London Bridge Station redevelopment site and at two Premiership football grounds.
Director Stuart Ging said: “The business has really progressed over the last quarter and revenues are growing significantly.
“We have just recorded our best-ever month, and this new investment from Northstar is going to help to expand the team and create further growth.
“We are also looking to enhance the current product range to allow an almost unlimited number of users to be enrolled on a system at any one time – compared to the standard 8,000 users at present.”
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