Envoke secures £1m from NPIF - Mercia Equity Finance to expand its virtual demo platform
The Leeds based software provider has raised £1m to develop new features and scale its international sales.
Envoke provides software for remote training and support, creating virtual replicas of complex laboratory equipment for medics and technicians.
Leeds based software developer Envoke has secured £1m in investment from NPIF - Mercia Equity Finance to support its international expansion and product development. The capital will be directed towards enhancing its virtual demonstration platform with after-sales support modules and expanding its presence in overseas markets.
The company developed its gaming technology powered platform to help equipment manufacturers conduct remote demonstrations without the expense and carbon footprint of shipping physical machinery. Following backing from Mercia, Envoke plans to scale its operations and create ten new jobs over the coming year.
From the founder
"Customers buying medical equipment will of course want to trial it first, but shipping costs can be £5,000 to £30,000 or more, not to mention the cost of sending out sales staff to demonstrate it. Sometimes equipment is damaged in transit and not every demo results in a sale."
Stuart Warrington
CEO at Envoke
Investor perspective
"Companies are increasingly moving to online sales, however video conferencing alone is not sufficient for product demos. Thanks to their background in games development, Stuart and the team have created a powerful platform that in our view is the most advanced of its type on the market. Envoke is already used by five of the world’s biggest biotech companies and this investment will help the company to reach a much wider audience."
Will Clark
Mercia
Use of funds
- 01Continue product development
- 02Expand into international markets
- 03Grow the team