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ICON secures funding for Smart Sensor company in £12.3 million round
DeepStream Technologies Limited

Disruptive embedded sensor company attracts over 8m in series 'B' funding from investors 3i and Doughty Hanson Technology Ventures

3i, Europe's leading venture capital and private equity company, is a new investor in DeepStream Technologies, leading its 8.1m Series 'B' equity funding. The funding will be used to expand the company's 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 Technology Ventures, the early-stage venture capital fund, has made a follow-on investment, further to its original investment in DeepStream in 2004.

DeepStream Technologies designs and manufactures intelligent embedded sensors for remote service enablement and the successful 'B' round brings its total equity, debt and government grant funding to date to 25m.

DeepStream Technologies has developed new technology to make electrical products more intelligent and enable pervasive internet services. Its revolutionary, fully automated manufacturing process allows clients to rapidly integrate DeepStream's technology in their existing product designs or newly developed products, with enhanced features and at no additional cost.

The company's strength lies in its ability to structurally embed its intelligent sensor components into electrical products. This enables the acquisition and communication of valuable data for networked services, providing diagnostic, prognostic and energy management capabilities within building automation applications or electrical appliances.

At the time of its investment, 3i VC director, Stephen Lowery joins the DeepStream Technologies board, adding: 'We are delighted to be supporting DeepStream. Through its packaged digital solutions, Deepstream enables established industries to create new products with the potential to transform their marketplace. 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.'

As well as securing funding from 3i and Doughty Hanson Technology Ventures, additional funding has also been secured from DeepStream Technologies' management. 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.

Renowned technology broker Icon Corporate Finance, that acted for DeepStream Technologies in its Series A funding round, was again appointed as corporate finance advisor for the company's successful Series B equity funding.

Nigel Grierson, managing director, Doughty Hanson Technology Ventures, and a board member of DeepStream Technologies, said: 'We are excited at the rapid progress DeepStream Technologies has made since we provided finance in 2004 and the business started developing towards the success it is today. As we enter the next stage of growth, we look forward to working together with 3i to build a company with the drive to become a world leader.'

Mark Crosier, chief executive officer, DeepStream Technologies, said: 'We welcome 3i as a new investor and are delighted that our existing investors have the belief in DeepStream Technologies to invest further. We believe their support and expertise will be invaluable in our future development as a global player.'

-- ENDS --

Publisher Contact Information:

ICON Corporate Finance
0207 152 6375

Company profile of ICON Corporate Finance
Past press releases of ICON Corporate Finance.


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