Midlands Engine Fund II Invests £1 Million in Robotics
Midlands Engine Investment Fund II has recently announced its first major equity deal, with a £1 million investment in True Position Robotics. The investment will support the expansion of this Nottingham-based company, which specializes in industrial robotics that could potentially revolutionize aircraft production and reduce the cost of new planes. True Position Robotics, founded in 2018 by Roger Holden, has developed a unique approach to automate the assembly process for aircraft using industrial robots equipped with their own software and hardware.
The investment from the Midlands Engine Investment Fund II will allow True Position Robotics to scale up operations and continue their research and development efforts.
This funding comes at a crucial time as the demand for new planes has been on the rise, driven by an increase in passenger numbers and a push by airlines to modernize their fleets with fuel-efficient aircraft. The technology developed by True Position Robotics has already attracted major industry players like BAE, who have incorporated the company's systems into their Factory of the Future program.
This equity investment marks a significant milestone for the Midlands Engine Investment Fund II, which aims to provide transformative funding for innovative local businesses in the Midlands region. Ken Cooper, Managing Director of Venture Solutions at the British Business Bank, emphasized the importance of supporting companies like True Position Robotics that are at the forefront of developing pioneering technology. The fund offers a range of financial options, including debt finance and equity investment, to help small and medium-sized businesses in the Midlands start up, scale up, or stay ahead in their respective industries.
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