Geonix secures venture capital funding for a safer future
May 2007
Bath-based Geonix Tracking which specialises in providing high performance equipment to track, monitor and protect people and property anywhere in the world, has secured £250,000 venture capital funding from the YFM Group managed £25M South West Ventures Fund.
Geonix Tracking develops and sells satellite and GSM telecoms hardware products for the tracking and security of people and assets working in remote and insecure locations, mainly in the Middle East, Africa and the Indian subcontinent. The company has already achieved initial orders for $200k worth of products from, amongst others, the Olive Group, a leading private security group. The funding from SWVF will assist in scaling up manufacturing and marketing efforts.
The company’s key product is the GT2000, a unit which attaches to a handheld satellite phone to enable it to be tracked on a continuous basis to within 10 metres of its location. This enables the user’s location to be monitored by their company or designated personal protection service. The GT2000’s level of performance, accuracy, portability and features are market-leading.
The GT2000 also features a vehicle docking station, enabling it to be used in cars, armoured vehicles, trucks, boats and trains, and an emergency keyfob which allows instantaneous panic alarms and positions to be relayed even when the user is away from the vehicle.
David Bland, the Chief Executive of Geonix Tracking, said: “The funding from the South West Ventures Fund comes at an exciting time for our organisation as it will enable us to initiate our expansion strategy. The security tracking market continues to develop quickly and extensively and our satellite products allow us to provide cover to the 95% of the earth’s surface where GSM signals are not available.
“Geonix Tracking offers a complete range of overt and covert tracking, monitoring and surveillance equipment, protecting people and property world-wide.”
Alison Briggs, Investment Manager from the YFM Group said: “Geonix has developed state of the art technology for use in a rapidly growing market. We are delighted to back the company’s experienced management team and look forward to being part of its successful future.”
The YFM Group, managed South West Ventures Fund, can invest up to £500,000 as a sole investor and potentially up to £2.5M alongside other investors. Recent investments have helped businesses in a number of sectors including technology, leisure, healthcare and business services.
ENDS
NOTES TO EDITORS:
YFM Group
YFM Group – is the UK’s most active investor in the small and medium enterprise marketplace. YFM Group manages in excess of £250 million of funds with investment sizes ranging from £50,000 to £5 million. Principal offices are located in Leeds, Manchester, London and Bristol with over 40 investment professionals being employed across the UK. In the 12 months to the end of March 2007, YFM Group invested over £23 million in 85 companies.
YFM Group manages the South West Ventures Fund, which is a £25M fund that has been set up to provide venture capital to small and medium sized enterprises (SMEs) based in the South West of England. Initial investment can be up to £250,000 with an ability to invest a further £250,000 after six months. In certain circumstances, alongside other new investors, the Fund can follow on its investments to provide a total of £2.5 million to one company. To date the fund has invested £5.0m in 19 companies.
South West Ventures Fund is managed by YFM Venture Finance Limited part of the YFM Group. YFM Venture Finance Limited is authorised and regulated by the Financial Services Authority.
For further information about YFM Group and South West Ventures Fund, please telephone 0117 906 3410, log on to www.southwestventuresfund.co.uk or email info@southwestventuresfund.co.uk