Thursday, April 26, 2012

News: S3 ID secure further funding from Finance Yorkshire


Rotherham company, S3 ID, the UK's market-leading provider of innovative location awareness solutions, has secured a further £300,000 from Finance Yorkshire.

The Eastwood company was the first company to receive an Equity Fund investment from Finance Yorkshire when they secured £1.1m last year to enable them to maintain the controlled expansion that they have experienced over the last three years.

With regional offices in Norway and Singapore, S3 ID has developed a range of specialist hardware and software products that provide real-time personnel location awareness, mustering and access control. They are used in working environments where a major incident would be catastrophic such as oil, gas and petrochemical plants.

The additional £300,000 will be used for growth capital to support newly secured contracts. The latest being a significant new security contract for a major offshore complex via Semco Maritime of Denmark.

S3 ID is supplying a central shore-based security monitoring facility controlling a mixture of remote, autonomous and safe areas plus door access controls off-shore. The "field of the future" approach is designed to allow for future expansion across the entire oil field.

It follows on from the deal to supply its technologies to keep track of personnel working in the Gudrun field via Siemens Norway and the supply of S3 ID's eLock locking systems to the Gorgon gas project in Australia via their Perth-based partner, Western Advance.

Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m. It has attracted £30m investment from the European Regional Development Fund (ERDF), £15m from Yorkshire Forward's Single Programme, and £45m match funding from the European Investment Bank.

£19m has been invested to date with some £10.8m invested in South Yorkshire businesses including S3 ID, Xeros Ltd, Labfacility, Sterecycle and IBCS Ltd in Rotherham.

Alex McWhirter, chief executive at Finance Yorkshire, said: "April is a time when many of us start to plan for the new financial year ahead. For Finance Yorkshire, it's also a good time to reflect on our investment activity in recent months before we set next year's targets.

"In the last quarter of 2011, we completed 31 deals, with another 30 completed between January and mid-March this year - a busy but very rewarding investment period."

S3 ID website

Finance Yorkshire website

Images: Semco


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