The British Business Bank has announced the first deal from the Midlands Engine Investment Fund II with a £1m equity investment in Nottingham-based True Position Robotics (TBR).
The deal was facilitated by the appointed fund manager for the East and South East Midlands, Mercia Ventures, and legal advice was provided by Shakespeare Martineau.
TPR, founded in 2018 by Roger Holden, has pioneered a way to automate the assembly process for aircraft using low-cost ‘off the shelf’ industrial robots adapted with its own software and hardware.
Currently, aircraft assembly is largely a manual process. Parts must be lined up, holes positioned precisely and carefully drilled. TPR’s robots automate the entire drilling process and the subsequent inspection. Its unique optical tracking technology and clamp system keeps the drill in place for 100% accuracy.
This pioneering approach to aircraft assembly enables planes to be built in a fraction of the time and reduces the amount of material required, resulting in lighter craft with better fuel efficiency. The use of lightweight standard robots also means that TPR’s systems are around a tenth of the cost of a traditional automation line and use far less energy.
The equity investment received will enable the business to scale up operations and continue its research and development.
Roger Holden, True Position Robotics CEO, said: “Unlike vehicle assembly, where processes are repeatable, with aircraft the need for lightweight components and high precision means that no two operations are the same.
“For this reason, automation has so far proved too difficult or too costly. Our robot guidance systems overcome these challenges.
“The investment from the Midlands Engine Investment Fund II will enable us to consolidate our position and start work on the next generation of products to ensure we maintain our position as thought leaders in the industry.”
The £400 million Midlands Engine Investment Fund II covers the entire Midlands region and provides debt finance from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The Shakespeare Martineau team included corporate partner Peter Mayhew and associate Ashley Taylor.
Peter said: “As trusted advisers in the Midlands economy and business community, we are delighted to play a role in supporting the continued growth of the Midlands venture capital ecosystem. It’s great to see innovation in the region leading the way in a significant global sector.”
Ashley added: “Working closely with the investment manager for True Position Robotics, Hannah Tapsell Chapman, we provided legal advice to Mercia Ventures on the investment process from start to finish. The investment not only supports innovation and growth but also job opportunities locally – with positive knock-on effects for the wider regional economy.”
Article provided by Shakespeare Martineau.