Aircraft robotics pioneer True Position Robotics has raised 拢1 million in the first major equity deal from the British 老九品茶 Bank鈥檚 Midlands Engine Investment Fund II.
TPR is a Nottingham-based company whose industrial robots could revolutionise aircraft production and slash the cost of new planes.
Founded in 2018 by Roger Holden, it has pioneered a way to automate the assembly process for aircraft using low-cost 鈥榦ff the shelf鈥� industrial robots adapted with its own software and hardware.聽
The company is already working with leading industry names including BAE, which has adopted the technology as part of its Factory of the Future programme.
The deal was facilitated by Mercia Ventures, fund manager for the East and South East Midlands.
鈥淯nlike vehicle assembly, where processes are repeatable, with aircraft the need for lightweight components and high precision means that no two operations are the same,鈥� said Roger Holden, CEO at True Position Robotics.
鈥淔or this reason automation has so far proved too difficult or too costly. Our robot guidance systems overcome these challenges.聽
鈥淭he investment from the Midlands Engine Investment Fund II will enable us to consolidate our position and start work on the next generation of products to ensure we maintain our position as thought leaders in the industry.鈥�
The 拢400m Midlands Engine Investment Fund II covers the entire Midlands region and provides debt finance from 拢25,000 to 拢2 million and equity investment up to 拢5 million to help small- and medium-sized businesses.
鈥淭he Midlands Engine Investment Fund II鈥檚 investment into True Position Robotics is an excellent example of the way the fund can provide transformative funding for companies at the forefront of developing pioneering technology,鈥� said Hannah Tapsell Chapman, investment manager at Mercia Ventures.
鈥淭he investment marks a significant first milestone for the fund which has been designed to support a wide range of innovative local businesses. We鈥檙e delighted this funding will help Roger and team realise their business鈥� ambitious growth plans.鈥�