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10 August 2012
A Worcester start-up company with technology that helps improve the reliability of LED installations and drives down maintenance costs has received investment from Midven’s Early Advantage Fund.
AccurIC Limited was founded by Dave Bannister in 2011.
The company has developed patent pending designs for LED lighting drivers. Mr Bannister said: “The innovation we have developed dramatically improves the reliability of LED installations and therefore reduces maintenance costs, which are substantial in applications such as street lighting.”
The funding of £105,000 from the Early Advantage fund – which was matched by a private investor – will be used for commercialising its range of drivers, after which the company will embark on increasing its product range.
Midven provides investment to early stage businesses and fast growing SMEs. They focus on firms with the potential to create a strong competitive position in a large growing market. Mr Bannister, AccurIC’s chief executive, said: “This investment is fantastic news for my business. It will mean that we have the money and resources to enhance our existing product and take it to market.”
Giovanni Finocchio, investment manager of Midven’s Early Advantage fund, said: “We liked the technology and the founder. He has a wealth of experience in electronics and business development having worked at QinetiQ for more than 20 years – in addition he has a great number of product ideas.”