The Liverpool geospatial firm will partner with the European Space Agency to develop a high-resolution monitoring system.
"Supply interruptions cost utility companies billions of pounds each year, not only in trying to repair and restore supplies but also paying compensation to customers. Construction work is a key cause of disruption and the situation is likely to get worse in the future if planning laws are relaxed. Our systems help them make the most of the available data and take a pro-active approach to identifying and tackling potential hazards. The new system will be the most powerful to date and could help companies to dramatically reduce downtime, regulatory fines and their environmental impact."
The investment was supplied by the MEIF Proof of Concept and Early Stage Fund alongside Mercia's EIS funds to support platform development and team expansion.
"With hybrid and remote working now considered normal, employees are increasingly reliant on technology to stay connected and productive, but the adoption of incohesive, clunky technology is contributing to burnout, and decreased engagement. HulerHub is designed to make work simple again. This investment will help us fuel our revenue growth and further develop the product to bring maximum value to our clients."
The Sheffield-based industrial sensor firm raised £1.5m in follow-on funding to accelerate product development and create technical jobs.
"Industry is facing a host of challenges such as the need to be energy efficient, sustainable and ESG compliant, reduce costs and enhance quality. Our integrated sensing solutions provide the data required to help companies to meet these challenges and achieve digital transformation. The funding will help us to drive further growth and bring our solutions to a wider global audience."
The funding was provided by the North East Venture Fund and managed by Mercia Ventures to support international expansion and product development.
"While it is still early days for the ‘metaverse’, VR and XR technologies have matured significantly and the launch of Apple’s first mixed-reality headset next year is expected to boost awareness and drive global demand. The funding received from Mercia puts Luminous in a strong position to capitalise on that."
Mercia Ventures led the Series A round to support product development and industry partnerships.
"Risk Ledger provides us with a more holistic, real time view of our complex supply chain, helping to identify and remediate potential vulnerabilities and issues early."
— David Malkin, former Divisional Information Security Officer at the UK Health Security Agency
