A business that delivers cloud-based, remote data monitoring services is poised for further growth following a £100,000 investment from venture capital specialists Midven and Minerva Business Angel Network.
Caption Data Limited (CDL), based in Worcester, supplies remote monitoring equipment to customers allowing them to access and assess data from distant sites and control that equipment via any PC, tablet or smart phone.
Caption Data’s monitoring equipment helps construction companies, damage restoration firms and other organisations such as the Environment Agency and water utilities to operate more efficiently.
Jon Penn, CDL managing director, said the investment comes at a time when the company is poised for expansion. “Caption Data has grown to just under £500,000 in turnover very quickly and has developed a whole suite of products, but in order to grow more significantly and sell those products internationally, we needed investment,” he said.
Duncan Kerr, investment director for Midven, said Caption Data operated in a market with huge potential.
“The firm has quickly established itself in a number of sectors and there is an abundance of opportunities with companies they are currently engaged with, as well as new prospects which have been clearly identified,” he said.
Tim Powell, director of Minerva, added: “Our investors were impressed with the advances the company had made in the last 18 months.