Search British Business Bank
Popular Search placeholder

Maven invests £750,000 in PervasID

Press release 21 November 2024

Maven Capital Partners (“Maven”), has completed a £750,000 investment in RFID (Radio Frequency Identification) technology innovator PervasID as part of a £3.25m investment round.

Three individuals standing on stairs inside an office building

Co-investing alongside leading EIS investors, Parkwalk Advisors, the transaction includes investment from two Maven-managed regional funds: a £375,000 investment from the Finance Durham Fund established by Durham County Council and overseen by Business Durham, and a £375,000 investment from NPIF II -Maven Equity Finance, as part of the Northern Powerhouse Investment Fund II (“NPIF II”). PervasID has developed its own patent-protected RFID fixed readers, which offer world-class accuracy over range to track passive RFID tags, and is now the first in the market to offer remote tracking capabilities. The business launched its Track Master solution in 2023, a real-time location tracking system with customers in a wide range of sectors including healthcare, logistics, retail and aerospace, which allows for more precise inventory and stock management, as well as the ability to use real-time data to understand customer purchasing insights and reduction in shrinkage (i.e. theft).

The business was originally a spin-out from Cambridge University in 2011, founded by Dr Sabesan Sithamparanathan OBE, an award-winning entrepreneur in the IoT space. With the growth of the IoT industry in the North East and the appointment of experienced CEO Peter Oram in June 2023, the business opened a second base at NETPark in County Durham to take advantage of the skills and expertise within the area’s growing RFID cluster.

Today’s transaction will help fund PervasID’s growth strategy to expand its customer base following increasing demand from large customers in retail and aerospace. The investment will also support further R&D to enhance its software products offering in data analytics to complement its world-leading hardware solutions.

IoT continues to experience huge growth and adoption across different sectors, with retail one of the fastest growing early adopters of passive RFID tags and systems. As the cost of passive tags continues to reduce, more and more businesses are adopting them for a range of purposes.

Peter Oram, CEO of PervasID, said:

We are delighted to close out this first phase of our investment round with the support of Parkwalk and Maven. Maven is joining us at what is a very exciting time in our journey as we head towards a new chapter. Having worked with Parkwalk for 6 years, it’s fantastic to carry on our strong relationship as we deliver on our ambitious plans. The growth we have seen in recent years is a testament to our market-leading innovation and we can’t wait to use this investment to take the business to the next level.

Rebecca MacDermid, Investment Manager at Maven said:

PervasID’s passive RFID tracking technology is world-leading in terms of accuracy over range, and we are excited to work with industry experts Pete and Sabesan as they navigate a business that is on the cusp of rapid growth, with some exciting customers lined up across a range of sectors. With the increased demand for RFID tracking solutions, the company is primed for expansion and and we are delighted to be part of this journey.

Sarah Newbould, Senior Manager at British Business Bank said:

NPIF II is continuing to back innovative, high-growth businesses throughout the North by providing vital investment. Whether it’s to empower entrepreneurs to expand their customer base or enhance their R&D efforts, this investment into PervasID showcases how funding can cultivate a more innovative and prosperous regional economy.

Sarah Slaven, Managing Director of Business Durham said:

We are delighted to support PervasID’s journey through the Finance Durham fund, strengthening their position within the thriving technology cluster at NETPark. Their decision to expand from Cambridge last year reflects the benefits of NETPark’s collaborative environment and highly skilled workforce, which offer a strong foundation for pioneering companies like PervasID. We look forward to seeing them succeed as part of NETPark’s innovative community, helping to drive economic growth and foster cutting-edge developments in County Durham.

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

Further Information

If you are a journalist and have a media enquiry, please contact [email protected].

Notes to editors

About Maven Capital Partners UK LLP

Maven Capital Partners is one of the UK’s leading private equity firms, specialising in investments in high-growth British companies. With a focus on innovation and value creation, Maven partners with visionary entrepreneurs to build market-leading businesses, supporting a range of transaction types, including management buyouts, growth capital, buy and build projects, equity value release and pre-IPO financing.

Find out more on Maven Capital Partners

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland.
  • For investment by NRIL at the sub-fund level
    The investment from the Nations and Regions Investments Limited into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom. 
  • For investment by NPIF II sub-fund at the investee company level
    The investment from the Northern Powerhouse Investment Fund II into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.

Smaller Loans from £25,000 to £100,000 – GC Business Finance & River Capital (North West), Business Enterprise Fund (BEF) (Yorkshire and Humber) and NEL Fund Managers (North East)

Business Loans from £100,000 to £2m – FW Capital (North West), Mercia (Yorkshire and Humber) and NEL Fund Managers (North East)

Equity Finance up to £5m – Prateura Ventures (North West), Mercia (Yorkshire and Humber), and Maven Capital Partners (North East)

Applications for funding are made directly to the relevant fund managers who can be contacted via the NPIF II webpages. 

About Business Durham 

Business Durham is the business support service of Durham County Council which works as part of the Councils wider Regeneration Economy and Growth Directorate to deliver an attractive environment for business and economic growth.

It is a knowledgeable and trusted guide which connects businesses with the right funding, advice, and networks they need to grow and thrive.

Business Durham works closely with partners to encourage an enterprise culture, helping entrepreneurs to turn bright ideas into successful reality and students to develop enterprise skills to become our future business leaders.

The organisation manages a portfolio of business property and excels in finding the right space for businesses to grow – commercial office space, modern laboratories and industrial property units.

Business Durham attracts capital and inward investment to the county, and develops an innovative economy that enables companies to grow and flourish.

Business Durham builds long-term relationships to foster sustainable growth in businesses, raising economic aspirations and making Durham a place where business is done.

Find out more about Business Durham.

About Finance Durham

The Finance Durham Fund is part of Business Durham’s strategy to deliver economic growth across County Durham by supporting local ambitious and entrepreneurial businesses who need access to the funding they require to grow.

The Fund provides flexible equity, debt or mezzanine funding packages from £150,000 to £2 million for early stage and established businesses, investing across all sectors. It is available to companies which are based in, or relocating to, County Durham at the time the investment or loan is made.

About PervasID

PervasID is a fast-growing technology company that designs and supplies world-leading, passive RFID fixed reader systems for automating inventory tracking, stock taking and asset management processes. Their patented products enable organisations across a wide range of markets to streamline processes by providing unparalleled visibility into goods, assets and people. No other solution on the market today can offer such accuracy, speed and cost effectiveness.

Find out more on PervasID.

Quick links

Latest news