A Devon-based business which has developed a new asbestos warning device has secured investment to support the commercialisation of its technology.
Alert Technology has secured £700,000 that will help support development of its ALERT device, said to be the world’s first warning device able to distinguish between asbestos and non-asbestos fibres.
Early stage technology investor NCL Innovation is leading the funding round and has been joined by a network of private investors.
The investment is being managed by NCL through the Kent County Council-supported Discovery Park Technology Investment Fund (DPTIF), an early stage venture vehicle for promising R&D and technology firms.
Alert’s technology has been developed in partnership with the University of Hertfordshire and has also been backed by a European Union-funded grant program of €2.5m (£1.8m).
The Paignton-based company is now considering options for future manufacturing and recruitment including a proposed sales office at Discovery Park, Sandwich.
Alan Archer, chief executive of Alert, said:
“We are delighted to have received the investment from the DPTIF. As with most emerging technology companies, the biggest challenge we’ve faced is finding the investment required to fund our commercial scale up process.”
Jonathan Synett, NCL investment manager, added:
“At NCL we pride ourselves on being able to identify the next big thing, especially when it comes to the kind of disruptive technologies which Alert Technology so clearly represents.
Working with us through DPTIF, Alert are getting the kind of wrap around support, advice and opportunities to take something which clearly has so much potential in safe asbestos removal from brilliant concept to an industry changing market success.”