Devon based ALERT Technology is pitching for crowd-funded investment to develop its asbestos warning device.
The Paignton company has already secured a cornerstone institutional investor and is now trying to raise the balance of funds required to commercialise the product.
It is attempting to raise up to £2.5m of equity investment over the next two years to fast-track its global market launch of the ALERT technology, expand its team and begin research and development on new industry specific models.
Alert Technology is targeting £1m through its pitch on the Crowdcube crowdfunding platform, with a 16.67 per cent equity stake offered in return.
ALERT is said to be the world’s first warning device able to distinguish between asbestos and non-asbestos fibres. Developed initially by an EU funded consortium of experts including The Select Group, University of Hertfordshire and others – it was designed to be lightweight, portable, affordable and to rapidly detect local short-term increases in asbestos fibre concentrations resulting from mechanical abrasion. To date is has been supported by £1.5m in EU grants.
ALERT works by employing a laser-based technique that takes advantage of the magnetic properties of the mineral, recording the behaviour of particles measured to make an assessment of the probability of asbestos being present, to a statistical confidence level of 99%. It then warns the user of the risk of inadvertent exposure to airborne asbestos, allowing them to take immediate action to leave the vicinity or don a suitable protective breathing mask.
Alan Archer, Alert Technology’s Managing Director said:
“Legislation in the UK, Europe and Australia is moving towards greater monitoring, control and ultimately the safe removal of all asbestos so the market is ripe for new disruptive technology such as the Asbestos ALERT.
Whilst ALERT will not eradicate the problem of asbestos, it will arm professionals with a warning device to help improve safety and reduce the risk of exposure for future generations.”