Tended secures £1.5 million investment for Geofencing technology
On 5th February 2024, Tended, known as the 'Google Maps for heavy industry,' announced the successful closure of its £1.5 million EIS round with Wealth Club. Leading organizations in the rail industry, including Network Rail, Siemens, Morgan Sindall, and Amey, currently use Tended's advanced Geofencing technology to enhance safety. Tended's solution, which utilizes Global Navigation Satellite System (GNSS) and real-time kinematics (RTK), enables managers to designate 'safe' and 'unsafe' locations on an intuitive dashboard. Wearable devices with high-precision capabilities can track the location of workers and assets, sending alerts if they enter unsafe areas. Tended is also partnering with the European Space Agency to develop the next generation of its product.
Network Rail, responsible for maintaining over 20,000 miles of track in the UK, has allocated a portion of its £44 billion, 5-year budget to improving safety measures.
Geofencing technology has been identified as key in meeting stricter regulations. Tended's commitment to workplace safety gained international recognition when its product was featured in Time Magazine's Best Inventions of 2023 list. Siemens Mobility, following a successful pilot program, has decided to implement Tended's technology across the UK, impressed by its suitability for complex projects. Tended has also set its sights on targeting other heavy industries such as Highways and Utilities.
Welcoming Wealth Club as a shareholder, Leo Scott Smith, CEO of Tended, expressed excitement about increasing their impact on safety and efficiency in the rail industry. Tended's mission is to eliminate preventable fatalities in heavy industries. Wealth Club, the largest non-advisory broker of tax-efficient investments like VCTs, EIS, and Inheritance Tax Portfolios, aims to provide high net worth individuals and sophisticated investors with well-researched investment opportunities that are not readily available through mainstream sources.
Blackfinch Ventures, a part of the Blackfinch Group, partnered with Tended for the investment round. With a heritage spanning over 30 years, Blackfinch Group is an investment specialist involved in tax-efficient solutions, multi-asset portfolios, early-stage investing, property financing, and renewable energy. Blackfinch Ventures focuses on supporting innovative and disruptive businesses that offer products addressing real-world needs and have the potential to make a global impact.
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