Tech firm eyes growth after securing fund first

A technology company is targeting international expansion after becoming the first business to secure backing from a new regional investment fund.

Basingstoke-based Process Vision has received a £250,000 loan from the British Business Bank’s newly launched South East Investment Fund, delivered by fund manager The FSE Group.

Founded in 2017, the company develops industrial monitoring technology for the energy sector, including its flagship LineVu system.

The technology provides continuous live video and data from inside high-pressure gas pipelines, helping operators identify contamination and performance issues while improving safety and reducing downtime and maintenance costs.

Process Vision has already secured customers and project opportunities across Europe, North America and the Middle East, as well as completing a significant trial with National Grid.

It has also recorded its first sales in the US, Australia, Europe and the Middle East.

Bosses say the new funding will support the company’s next phase of commercial growth and international expansion as it targets opportunities across natural gas, LNG, hydrogen and carbon capture markets.

Its technology combines optical imaging, machine vision and AI-assisted analysis to provide operators with real-time insight into pipeline conditions.

Paul Stockwell, chief executive of Process Vision, said: “Our technology is helping the energy industry improve efficiency, reduce risk and make better use of operational data. 

“This South East Investment Fund backing comes at an important time for the business as we scale our commercial activity, expand into new markets and continue developing our products and services. 

“We’re delighted to be working with FSE as we enter this next stage of growth.”

Cheryl Weeks, head of funds, South East at The FSE Group, added: “Process Vision has developed a genuinely differentiated technology that addresses a clear challenge for energy operators. 

“The business has already demonstrated significant technical progress, secured early commercial traction and built opportunities with customers around the world. 

“We were particularly impressed by the strength of the proposition, the experience of the management team and the potential to build recurring revenues as the business scales.”

Julie Silvester, chief executive of The FSE Group, added: “We’re excited to be making our first investment through the South East Investment Fund and to be supporting a business with such strong growth potential. 

“The fund is an important opportunity to help ambitious businesses across the South East access the finance they need to innovate, create jobs and grow. 

“Process Vision is a great example of the talent and innovation we want to back, and we’re excited to support the team as they build on their success.”

The British Business Bank’s South East Investment Fund will provide loans ranging from £25,000 to £2 million alongside equity investments of up to £5 million.

Covering Buckinghamshire, Oxfordshire, Berkshire, Hampshire and the Isle of Wight, Sussex, Surrey and Kent, the fund is designed to support small and medium-sized businesses looking to start, scale and grow.

Keira Shepperson, senior investment director at the British Business Bank, added: “It is good to see the South East Investment Fund set off to a strong start with its first investment, supporting an ambitious smaller business with clear growth potential. 

“Process Vision is using innovation to address real challenges for global energy operators, and this backing from FSE will support the company as it scales its commercial activity and continues to expand into international markets. 

“We look forward to seeing the impact the fund will have for more businesses across the South East.”

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