3i leads investment in DeepStream Technologies
3i joined Doughty Hanson Technology Ventures as an investor in DeepStream’s latest Series B round of equity funding, from which it raised £8.1m.
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The company said it will use the funding to expand its range of solution platforms for new markets, particularly energy management, medical and appliance sectors, as well as expanding its revolutionary production operations to increase capacity.
Doughty Hanson made a follow-on to its original investment in 2004, while 3i joins as a new investor.
As well as securing funding from 3i and Doughty Hanson, DeepStream secured additional funding from its management team.
A Regional Selective Assistance grant of £1.5m and a £2.7m Property Development Grant for a purpose-built design and manufacturing facility in Parc Menai, North Wales, have also been secured from the Welsh Assembly Government.
3i’s VC director, Stephen Lowery, has joined DeepStream’s board following the investment. “We are delighted to be supporting DeepStream,” Lowery said. “The impressive results of their work with customers in the energy management sector is testament to their approach.
“We see great overlap between the ambitions of the team and the depth of 3i's experience and network and look forward to working with the team to build a great and successful business.”
© Crimson Business Ltd. 2006
