PervasID on growth trail with £3.25 million support

A technology firm has raised £3.25 million to accelerate its “rapid growth trajectory” and innovation efforts.

PervasID has received backing from Parkwalk Advisors and two Maven-managed regional funds: the Finance Durham Fund established by Durham County Council and overseen by Business Durham, and NPIF II Maven Equity Finance, part of the Northern Powerhouse Investment Fund II, supported by the British Business Bank.

Founded in 2011 by Dr Sabesan Sithamparanathan, PervasID, based at NETPark, in Sedgefield, County Durham, is known for fixed reader systems providing monitor inventory tracking, stock taking and asset management support.

Peter Oram, chief executive at PervasID, which is a Cambridge University spin-out, said: “We are delighted to close out this first phase of our investment round with the support of Parkwalk and Maven.

“Maven are joining us at what is a very exciting time in our journey as we head towards a new chapter. Having worked with Parkwalk for six 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.”

The funding will fuel the global rollout of PervasID’s Trackmaster 2X system, renowned for near 100 per cent accuracy in tracking inventory over large areas.

The investment will also support the company’s growth strategy, including new hires, expanded customer engagement in retail and aerospace, as well as enhanced R&D for advanced software analytics.

Moray Wright, chief executive at Parkwalk Advisors, added: “We are excited to be supporting PervasID in their next phase of growth and innovation.

“With the rollout of Trackmaster 2X, the company is on a rapid growth trajectory and is a great example of the world-class innovation that is coming out of the Cambridge University ecosystem.”

Rebecca MacDermid, investment manager at Maven, added: “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 we are delighted to be part of this journey.”

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