ATM Security secures £500k seed funding led by Mercia
The funding round was led by Mercia to support product development and team expansion.
ATM Security develops digital access control systems for utility substations and remote infrastructure. The company is based in Newcastle.
ATM Security has raised £500k in a seed funding round led by Mercia through the North East Venture Fund. The capital will enable the Newcastle enterprise to expand its management team and accelerate product development for its keyless security system. Mercia backed the venture following previous inventions by founder Rob Todd in the ATM protection sector. Additional transaction advice was provided by UNW, Muckle LLP, and Hay and Kilner Law Firm.
From the founder
"There are over 400,000 substations in the UK and most are still accessed via old-fashioned keys which are easily lost, stolen or not returned. CentraLock offers a step change in security for the utilities industry. Not only does it help prevent unauthorized access, but it also helps safeguard maintenance staff who often work alone on sites in remote locations. We believe there could be a huge potential market worldwide."
Rob Todd
at ATM Security
Investor perspective
"Rob has a strong track record of innovation and with CentraLock, he has created a unique proposition within the security market. We are always keen to support entrepreneurs who are using technology to disrupt established markets and look forward to working with him to bring the product to market."
James Allsopp
Investment Manager, Mercia
Use of funds
- 01Grow the team
- 02Continue product development
Investors
Categories
About the company
ATM Security
ATM Security develops keyless access technology for remote and utility sites.