Edinburgh-based investor Par Equity leads largest-ever seed round in manufacturer-focused start-up
Edinburgh-based investment manager Par Equity that backs early-stage tech businesses has led its largest-ever seed round, with a $5.1 million (£3.8m) injection into start-up SamsonVT, which is focused on helping manufacturers better access information.
Manchester-headquartered SamsonVT is described as changing the way maintenance engineers work by replacing paper-based technical manuals and parts catalogues with 3D models, using an interactive digital platform.
The company was co-founded by Sam Burgess and Ed Brunyee in 2017 after they saw an opportunity for emerging technologies, including machine learning, to solve the challenges original equipment manufacturers encounter when managing the life cycle of equipment on a global scale. The start-up says it has since undergone rapid growth with a fast-expanding client base that includes global businesses Lotus, RS Components and Norton Motorcycles.
Par Equity has invested alongside US venture capital firm Blumberg Capital, and Andrew Noble, partner at the Scottish investment firm, said: “SamsonVT is exactly the sort of business that we get excited about. A fantastic management team, coupled with innovative technology, ready to tackle an enormous market. From our base in Edinburgh, Par Equity works with emerging technology companies across Scotland, Northern Ireland and the North of England.”
Mr Burgess, chief executive at SamsonVT – which is working with US-based advisory firm Sand Hill East as it prepares for entry into the US – said the support of the likes of Par Equity is a “powerful endorsement” of the start-up. “There is a huge desire for smart technologies that help [original equipment manufacturers] improve customer service, while also allowing them to operate more efficiently and in a more sustainable way. We can help them achieve these goals and this funding will enable us to provide our solutions to more organisations far sooner.’’
Stanton Green of Blumberg Capital said: “We are excited to partner with Sam, Ed and the entire SamsonVT team including Par Equity and Sand Hill East. After-sales is a $400 billion global marketplace experiencing a digital evolution, and SamsonVT will be at the forefront, helping a growing market make the transition. We look forward to the journey ahead and helping SamsonVT make an impact on ‘industry 4.0,’ across the U.S. and globally.”
Par Equity recently hailed the doubling of its tech funding to £25m in a “stellar” year.