Press Releases
IRIS Technology Limited
December 2004
Northern Venture Managers Limited (NVM) has announced that it has made a further investment of £1 million in IRIS Technology Limited (IRIS). This additional funding follows NVM’s previous investments of £1.1 million to support the Aberdeen-based data transfer business. The new funds will be used to provide additional working capital to support significant new contract opportunities.
IRIS specialises in technology for the transmission of data from remote platforms such as moving vehicles or underwater systems. Its product is based upon its Integrated Remote Intelligence System which can transfer large volumes of real time data over a single link directly into its clients’ own IT systems. This technology is particularly important for the automotive industry, where it can be used to give cost-effective information in pre and post production vehicle testing. It is currently the only data transfer platform that is accredited by the Vehicle Certification Agency and that has EC 95/96 approval.
David Ireland, CEO of IRIS, said: “This funding round has come at an important time for the company. We have recently won major new contracts and the investment is vital in helping us to ramp up the scale of our operations accordingly.”
Bill Dempster, the Investment Manager leading the transaction for NVM, commented: “The management team at IRIS have achieved a great deal in bringing this new technology with its innovative applications to the point of winning contracts in the automotive market. IRIS is justifying the support of NVM and we are pleased to be able to support the working capital requirements of these initial orders.”
Eddie Harding of ICON Corporate Finance who advised the management team on the deal, added: “This is an important stage in the development of the company and it was necessary to complete the investment round within a very short time frame in order for management to respond quickly to the increased demands on the business.”�
