Optical metrology specialist Phase Vision has scooped an award from the British Business Angels Association (BBAA) – the “Early Stage Investment of the Year” - having been nominated by Connect Midlands.
The award was announced at the BBAA's Annual Conference and Awards Ceremony, which took place at the Belfry Hotel and Golf Resort earlier this month in front of over 200 delegates from the angel and early stage investment market.
Based at LoughboroughUniversity’s Innovation Centre, Phase Vision’s products provide incredibly accurate measurement data which can be used in a wide range of industries, including helping to reduce the drag of an aircraft’s wing, generating enormous fuel savings for airlines.
They can also help car bodies fit together better, enhancing quality and reducing cost or optimise the manufacturing of jet engines, making them quieter and more efficient.
Phase Vision recently confirmed funding of over £1.4M lead by Octopus Ventures, with the Lachesis Fund (and others) also participating. Connect Midlands had assisted Phase Vision over the last year in preparing for the investment and introducing them to potential backers.
The judges sought evidence that an investment had supported the successful growth of an early stage business or enabled a significant innovation to flourish. They agreed that the investment into Phase Vision showed “strong support for the company in enabling the further development of its innovative measurement systems for the transport industry at a time when this sector is facing considerable challenges.”
Phase Vision’s products are 3D measurement systems using a non-contact structured lighting technique, originally developed at Loughborough University. They bring several unique advantages:
- Measurement of very large objects
- 360° measurement of complex objects, at production line speeds
- Ability to measure “shiny” surfaces such as machined or composite components
The system uses “structured white light” to achieve this – a source with far greater bandwidth and dynamic range than the lasers often used in industrial measurement.
“We’ve effectively mastered the use of broadband light for measurement, which brings the same gains that broadband brought to the internet,” explains Phase Vision CEO Ralph Weir.
“With this well-proven technology at our core, we now also have the investment to build our production and sales organisations to create a real world leader.”
Paul Jenkinson, regional manager of Connect Midlands said;
“We nominated Phase Vision because of the strength of their proposition and the leadership shown by Ralph Weir, CEO, in commercialising the business and leading the funding round.”
“We’re pleased that Connect Midlands could play a part in assisting them to scale a successful consultancy into a world-beating products vendor.”
Phase Vision’s product is currently in beta trials at several sites in the UK, and will be more widely available later in the year.