Activ8 secures six figure investmentBy Matthew Ord, Digital Staff Writer
A Sunderland-based technology company has secured a six-figure investment from a number of private individuals to develop a new product.
Activ8 secured the undisclosed investment from the unnamed individuals, which will allow the company to bring its Virtual Parking Solutions (VPS) platform to life.
The product allows local authorities to manage deliveries between set times from the likes of supermarkets, freight firms and breweries with details of each delivery sent directly to Civil Enforcement Officers' handheld devices or CCTV operatives to ensure no penalty notices are issued.
Work is now ongoing with a number of possible delivery partners for the project, as well as with policy leads within several local authority areas.
The company is set to expand as a result of the investment, which will lead to new sales and system development jobs being created in the North East.
Activ8's founder and chief executive Neil Herron said: "We've already proved the VPS concept with a major London Borough, and with the substantial capital that we now have behind us from private investors, who recognise how the connected city will be a real catalyst for change, we're ready to start moving forward with our operational pilots and deployments."
Square One Law provided legal support for the investment. John Hammill, senior associate at the law firm, added: "The concept of smart city technology has great potential, and it was a pleasure to work alongside Neil and RMT on this deal.
"We were delighted to assist in putting the necessary legal agreements in place to create a group of companies offering differing but complementary technologies and to secure substantial investments into the group."
The company has also secured a partnership with a South African fleet and supply chain company to create a product designed to help companies reduce costs through efficiency savings.
RMT Accountants and Business Advisors also worked with Herron on delivering the investment.