West Midlands-based utilities data solutions company IDenteq has secured £575,000 from the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund, managed by Midven, part of the Future Planet Capital Group.
Andrew McKinney and Ben Reed
The funding will enable IDenteq to diversify product offerings, and untap new markets. Additionally, this funding will facilitate key hires including finance and software development roles, alongside expanding their sales and marketing efforts. This injection of capital is poised to fuel IDenteq’s growth and development, positioning them as a prominent player in the utilities data services sector.
IDenteq’s cutting-edge SaaS solution addresses a critical need in the utilities industry by providing an efficient way to validate customer data, ultimately reducing revenue loss and fraud for utility companies.
Experienced in identifying ‘void’ properties, IDenteq’s innovative software solution works by cross checking the data against multi data sources such as electoral records and property ownership, to ensure the data is accurate. This helps utility companies avoid missed billing opportunities and ensures customers are paying for what they actually use.
Prior to forming IDenteq, both founders gained over 10 years’ experience working within the utilities industry. This experience allowed them to witness the challenges utility companies face when attempting to keep customer data accurate.
Utility companies can lose between 5% to 9% of their annual profit as a result of fraud. This comes at a time where utility companies in the UK are struggling with soaring prices and unprecedented market shocks. It is crucial that systems are put in place to ensure these vital services are provided efficiently and effectively.
IDenteq has demonstrated impressive growth to date, positioning them as a disruptive force in the provision of data services to the utilities industry via their SaaS platform. This investment aligns with Midven’s goal of supporting forward-thinking companies with promising solutions that have the potential to make a significant impact in their respective industries.
Andrew McKinney, MD at IDenteq, said, “With this backing, IDenteq is ready to redefine data services provision for the utilities sector, making a meaningful impact not only for ourselves but for the industry at large. The specific hires this funding facilitates strengthens the IDenteq team with value, experience, and skills we currently don’t have.”
Tony Stott, Investment Director at Midven, said, “We are delighted to be able to back IDenteq’s innovative solution for the provision of data services to utility companies. The disruptive offering provides an efficient way for utilities to validate their customer record data, which in turn helps to reduce revenue loss and fraud. We look forward to helping the team expand and scale the business.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank, also commented: “The Midlands Engine Investment Fund invests in Midlands based SMEs with a track record for innovation and rapid growth potential. IDenteq’s cutting-edge SaaS solution is a perfect example of the MEIF’s commitment to funding businesses that have the potential to be industry leaders, create new jobs and have a positive impact on the region’s economy.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.