Phase Vision scoops Business Angel investment award
Loughborough University spin out Phase Vision has scooped an award from the British Business Angels Association (BBAA) – the “Early Stage Investment of the Year” – having been nominated by Connect Midlands.
The award was announced at the BBAA’s Annual Conference and Awards Ceremony, which took place at the Belfry Hotel and Golf Resort in front of over 250 delegates from the angel and early stage investment market.
Based at Loughborough Innovation Centre on the University’s campus, Phase Vision’s products provide incredibly accurate measurement data which can be used in a wide range of industries, including the transport sector. Its products are 3D measurement systems using a non-contact structured lighting technique, originally developed at Loughborough University.
Phase Vision recently confirmed funding of over £1.4m lead by Octopus Ventures, with the Lachesis Fund (and others) also participating. Connect Midlands had assisted Phase Vision over the last year in preparing for the investment and introducing them to potential backers.
The judges sought evidence that an investment had supported the successful growth of an early stage business or enabled a significant innovation to flourish. They agreed that the investment into Phase Vision showed “strong support for the company in enabling the further development of its innovative measurement systems for the transport industry at a time when this sector is facing considerable challenges.”
Loughborough’s Professor of Applied Mechanics and co-inventor of Phase vision’s technology, Jon Huntley, commented on the award: “It is very rewarding to see the many years of technical development turning into a commercial success, and excellent news that this has now been recognised by the BBAA award. Our investors, and the commercial and technical leadership shown by Ralph Weir and Russell Coggrave, have been vital factors in that success. What is particularly exciting is the way that the research and enterprise activity have fed off each other, with three sponsored PhD students and numerous undergraduate and MSc project students benefiting directly from the close links with a dynamic spinout company.”
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