NW Fund backs IT network firm
Lancaster-based Cable-Sense has secured £800,000 funding from The North West Fund for Energy & Environmental.
Cable-Sense was founded in 2004 and worked with Manchester University to develop an infrastructure management system that allows organisations to improve their cable networks, reducing energy, capital expenditure and operational costs.
The firm aims to expand overseas and triple its turnover by 2014. It received £650,000 from The North West Fund for Energy & Environmental and £150,000 from UMIP Premier Fund in equity funding.
The North West Fund for Energy & Environmental is managed by CT Investment Partners. UMIP Premier Fund is managed by MTI Partners.
The North West Fund is financed jointly by the European Investment Bank and the European Regional Development Fund.
Cable-Sense will boost its recruitment drive and take on staff in sales, marketing and product development.
Michael Bakewell, investment manager at CT Investment Partners will join the board of Cable-Sense with immediate effect.
Geoff Butcher, chief executive of Cable-Sense, said: "Working with The North West Fund for Energy & Environmental and UMIP Premier Fund will provide us with the resources to rapidly develop our business.
"Their knowledge and expertise in the green IT space has added tremendous value to our company. We are confident that we can fill a substantial gap in the market and develop both nationally and internationally."