A property technology business has secured new funding to accelerate its expansion and technological development.
Nimbus, which was founded in 2015 by brothers Paul and Simon Davis, is behind the Nimbus Maps product which provides data and insight to the real estate industry including investment, development, asset management and disposal.
It is used by a broad range of clients such as retailers Marks & Spencer and Aldi, property agency Avison Young and pub group Stonegate.
Originally based at the University of Warwick Science Park's Innovation Centre, the company now has a team of more than 60 people including PhDs from the university.
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The undisclosed loan from NatWest will be used to fund advancements driven by artificial intelligence across the entire business, expanding the capabilities on offer and improving the customer experience.
Nimbus said it also planned to use the funding to hire five new specialists to further develop its intellectual property.
Simon Davis said: "The intellectual property loan is a game-changer for us, enabling us to rapidly invest in the next generation of technology to keep delivering cutting-edge solutions for our customers.
"We're really proud of what we've achieved so far but we and the team have so much further to go. It is great to get the support and insight from NatWest and the recognition of all our hard work.
"This funding will help us with our visions to build the future for the real-estate sector and beyond."
NatWest relationship manager Alyson Poulson led on the deal.
She said: "Supporting Nimbus with this intellectual property loan has been a really rewarding experience.
"Their commitment to innovation and growth aligns perfectly with our mission to back businesses that are driving the º£½ÇÊÓƵ economy forward with creative funding solutions that enable growth.
"Paul and Simon are brilliant at what they do and we look forward to seeing what they go on to achieve."
The transaction was facilitated by NatWest's broker development manager Amrit Saran and was introduced by commercial finance brokerage Raze Finance.
Co-founder Alex McIntosh said: "Nimbus is a great business which would be substantially profitable if it hadn't been re-investing back into building its platform for future growth.
"The management team has done an exceptional job to date growing the business while bootstrapping the funding. This allows them to preserve their equity but still hit greater goals."
