PervasID secures £3.3m from Parkwalk Advisors and Maven-managed funds to accelerate growth
The funding round was led by Parkwalk Advisors with participation from the Finance Durham Fund and NPIF II Maven Equity Finance.
PervasID develops passive radio frequency identification technology that provides high accuracy asset tracking for sectors including retail and healthcare. The business offers patented hardware and software solutions designed for remote monitoring.
PervasID has secured £3.3m in its latest funding round to accelerate its commercial growth and expand its customer base. The investment was led by Parkwalk Advisors, with additional backing from Maven-managed regional funds including the Finance Durham Fund and NPIF II Maven Equity Finance.
The capital will support the international rollout of the Trackmaster 2X hardware, new strategic hires, and ongoing research and development into data analytics software. PervasID works with major global retailers and businesses in sectors such as aerospace and health, providing inventory location tracking across international infrastructures.
Dr Sabesan Sithamparanathan founded the firm in 2011 following its origins at Cambridge University. The business continues to scale its operations globally on the back of increasing demand for accurate tracking solutions.
From the founder
"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 6 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."
Peter Oram
CEO at PervasID
Investor perspective
"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."
Moray Wright
Chief Executive, Parkwalk Advisors
Use of funds
- 01Expand into international markets
- 02Grow the team
- 03Fund research and development