The Merseyside based business Acoustic Sensing Technology Limited has received an additional investment of £200,000 from The North West Fund for Energy & Environmental, managed by 350 Investment Partners.
The company’s SewerBatt ™ software solution – designed to rapidly identify the serviceability of drains and sewer networks – is quickly finding favour with those charged with the upkeep of the nation’s pipe infrastructure, and the investment reflects a growing global awareness of the benefits of using acoustic technology over more traditional underground surveying methods.
A recent US EPA report identified the growth of acoustic technology as a major breakthrough, fundamental to delivering more cost effective and customer focussed solutions.
It concludes that ‘acoustic based technologies have the potential to provide information in a matter of minutes to assist an operator in determining whether a sewer pipe may be partially or fully blocked and requires cleaning. The speed of assessment, using minimal equipment, has the potential to result in significant cost savings compared to traditional methods such as CCTV inspection’.
Speaking for Acoustic Sensing Technology Finance Director Rob Jones commented “As market awareness of acoustic technology grows, and people recognise the significant cost savings and customer service improvements available to them, it is important that we are able to continue to develop both our product and our service offering. The investment we have received from The North West Fund allows us to do just that and demonstrates great confidence that what we have developed is right for the market we operate in”.
“We are very much at the forefront of developing this kind of technology, not only in the UK where we are working with a large number of major utility and rail companies but on a world-wide scale where we already have significant market presence”.
“Through our dialogue with our customers we have a clear understanding of what they would like from us in terms of a future product and service offering. This investment will enable us to deliver that without delay”.
Peter Linthwaite, partner at 350 Investment Partners, said: “When you consider that using acoustic technology to survey drains and sewers takes approximately 20% of the time of more traditional CCTV then it is not difficult to understand why the take up of our SewerBatt ™ has been so significant”.
The funding will be used by Acoustic Sensing Technology to provide growth capital to open its new office in Speke, and help strengthen the sales team and engineering capabilities of the company. The company is hoping to create up to 10 jobs over the next three years.
The investment in Acoustic Sensing Technologies Ltd. has been made by The North West Fund for Energy & Environmental, which is financed jointly by the European Investment Bank and the European Regional Development Fund, and is managed by 350 Investment Partners.
350 Investment Partners is one of Europe’s leading co-investors in clean technology companies. In addition to managing The North West Fund for Energy & Environmental, and historically advised the Carbon Trust on its venture capital activities.