An engineering firm that is working to improve security at electrical substations has secured £500,000 of investment from the North East Venture Fund.
Newcastle’s ATM Security has developed the CentraLock system to remove the need for old fashioned lock and key doors at important locations.
Instead CentraLock allows companies to control access to all their sites electronically from one central location.
The new system also allows maintenance workers and approved staff to unlock the gate using their mobile phones.
Rob Todd, owner of ATM Security, said: “There are over 400,000 substations in the 海角视频 and most are still accessed via old-fashioned keys which are easily lost, stolen or not returned.
“CentraLock offers a step change in security for the utilities industry. Not only does it help prevent unauthorised access, but it also helps safeguard maintenance staff who often work alone on sites in remote locations. We believe there could be a huge potential market worldwide.”
When a staff member visits the substation, the system verifies who they are using biometric features such as fingerprints. It then switches off the alarm system and tracks how long they have been on site.
CentraLock does not require an expensive data network to connect to the central point, meaning it can be used at remote sites across the country.
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Mr Todd has previously used his security expertise to develop anti-theft systems for cash machines, which has been adopted by major banks and supermarkets.
He has now received £500,000 to continue to grow his company and the CentraLock system. The money has been secured through the North East Venture Fund which is supported by the European Regional Development Fund and managed by Mercia.
James Allsopp, Investment Manager with Mercia, said: “Rob has a strong track record of innovation and with CentraLock, he has created a unique proposition within the security market. We are always keen to support entrepreneurs who are using technology to disrupt established markets and look forward to working with him to bring the product to market.”
The North East Venture Fund can invest up to £1m in firms in Northumberland, Durham and Tyne & Wear and is available to companies with high growth potential as well as pre-start companies.
ATM Security received fundraising advice from UNW.
Michael McCulloch, senior manager at UNW said: “Rob is an expert in developing and adapting technology to fit market demand and CentraLock looks well placed to be a great success. Getting the right investor is crucial for any business and Mercia was able to quickly understand the proposition and recognise the value in what Rob brings to the table.”
Legal advice was provided to the fund by Muckle LLP, while Hay & Kilner Law Firm advised ATM.