Mercia Ventures manages regional investment vehicles including the Northern Powerhouse Investment Fund II.
The University of Nottingham spinout secured the follow-on investment via fund manager Mercia Ventures.
"This funding from Midlands Engine Investment Fund II will take us one step further towards our mission to roll out our device and give new hope to people with Tourette’s. Having Mercia Ventures on board as a partner provides additional value, given its expertise in backing businesses that are developing new products and helping them gain entry to the US market."
The extended reality software provider raised £1m to support a major Middle East contract and expand its presence in the US.
"Luminous is used by the biggest brands in the industrial and manufacturing sectors who have the highest training standards. Our XR platform is paving the way for the adoption of Extended Reality training, providing a scalable, secure solution with many advanced features. The current funding round will now allow us to grow our sales and marketing as we expand globally."
Aramco Ventures, Dow and Kanoo Ventures led the financing round for the Cambridge monitoring technology firm.
"CorrosionRADAR is in a period of rapid growth, and we are leading the way with our predictive CUI monitoring solutions that safeguard critical assets and ensure the longevity of critical infrastructure."
The funding round was facilitated by Mercia Ventures and marks the first deal from the Midlands Engine Investment Fund II.
"Unlike vehicle assembly, where processes are repeatable, with aircraft the need for lightweight components and high precision means that no two operations are the same. For this reason automation has so far proved too difficult or too costly. Our robot guidance systems overcome these challenges. The investment from the Midlands Engine Investment Fund II will enable us to consolidate our position and start work on the next generation of products to ensure we maintain our position as thought leaders in the industry."
The round was jointly led by Mercia Ventures and Smedvig Ventures to power product development and international growth.
"It is widely accepted that human error is the most prevalent vector for cyber-attacks and is poorly protected against by ineffective training programmes. Advanced analytics applied to real-time behavioural data presents an original approach for CISOs to control human cyber risk. CultureAI is pioneering this with its market-leading software, offering immediate visibility and mitigation of vulnerabilities. James has an incredible reputation as a thought leader in the space and we are excited to partner with him and his team alongside Mercia Ventures."
