Investment for Newcastle explosives experts
A firm of North East explosive experts have secured investment through the Finance for Business North East Angel Fund.
Controlled Blasting Solutions (CBS) have developed revolutionary precision blasting equipment which provides a solution to the dangers normally associated with high powered explosives.
Their product is a low explosive cartridge that uses gas pressure to cut rock and concrete, all with significantly reduced shock waves, noise and risk of flying rock.
The Angel Fund investment, which was secured through independent venture capital management firm Rivers Capital Partners, was accompanied by additional investments from private backers; the extra capital helping the company to develop the product and carry out technical trials faster than predicted.
Interest in CBS’ product has spread to China and South Africa.
Director David Proctor, said: “Controlled Blasting Solutions is expanding and developing every day – and much faster than we ever expected.
“The Rivers Capital team not only helped us with the funding provided, but their expertise has helped us attract additional investors to really propel the company forward.”
Dr Michael Dickens, who led the investment team at Rivers Capital, praised the ambition of the CBS team in seeking to take the product to foreign markets
He added: “CBS show exactly what we look for in any company seeking investment; not only do they have a fantastic product, they know exactly where they want the company to go and they’ll work tirelessly to ensure they get there.”