A biometrics technology developer has received financial support to help earn larger contracts.
North Tyneside-based IEvo designs fingerprint systems for clients in locations from health clubs and construction sites to educational institutions and manufacturing facilities.
We’ve grown to achieve a multi-million pound turnover already through offering the most reliable, easy-to-use system on the market today.Managing director Shaun Oakes
The company’s management team has worked with NEL Fund Managers to secure £200,000 from the Finance For Business North East Growth Fund, which will be used as working capital for fulfilling both more and larger contracts.
IEvo currently employs 12 people, but is already planning to take on a further five staff, and expects to recruit again as the company grows.
Managing director Shaun Oakes, who runs IEvo with partner Stuart Ging, said: “The supportive NEL team quickly understood our business plan and its requirements, and they and Northstar have worked together to ensure we were able to access this investment.”
He added: “Entry systems based around cards are susceptible to them being lost, borrowed or stolen, but using biometric data takes away all those problems and ensures only those who should be gaining entry can do so.
“We began by importing biometrics equipment from the Far East, but quickly saw that we’d be able to develop better products ourselves that were more suited to market requirements in the UK and Europe.
“We’ve grown to achieve a multi-million pound turnover already through offering the most reliable, easy-to-use system on the market today.
“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.”
Jane Siddle, investment executive at NEL Fund Managers, said: “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.”
Ian Richards, director at Northstar Ventures, added: “We have supported IEvo from its launch in 2009 and are really pleased with its positive growth over the years.
“The management team has done a fantastic job with the products, and I look forward to seeing the company continue its successful track record.”