Birmingham-based enterprise software company MVI Technology is set to expand after securing major new investment.
The deal was led by local venture capital company Midven through the Advantage Growth Fund. It was assisted by the Birmingham office of law firm Eversheds, MVI, established in 1991 and develops real-time shop floor data capture and performance solutions.
The food and beverage sector has been identified as a key growth area for the business. The new capital will enable MVI to build on the success it has already achieved with customers such as Allied Bakeries, Heinz and Geest.
John Caines, an enterprise software investor, joins the MVI board as nonexecutive chairman.
Mark Sutcliffe, chief executive, said: "We are very pleased to have accessed the necessary expansion capital locally in Birmingham.
"The investment will now enable the company to expand further and meet growing demand for our products in the food and beverage sector, which are already saving our existing clients hundreds of thousands of pounds each year, every year.
"In line with our growth we are also looking to further develop our customer service and after sales support, for which we have become widely recognised."