Glasgow-based Highway Data Systems (HDS), a provider of automated roadside quality assurance, has secured a £1.25 million investment from the British Business Bank’s Investment Fund for Scotland, through Fund Manager, Maven.
Founded to address safety and efficiency challenges in road construction, HDS develops automated quality assurance technologies for the road construction and asphalt industries. Its solutions combine proprietary hardware, embedded electronics and software to automate testing processes that have traditionally been manual, labour-intensive and safety-critical.
HDS offers a suite of products and services across the UK and US markets, delivering quality assurance solutions spanning production, haulage and laydown throughout the asphalt lifecycle. The business has established a strong customer base in the UK and a growing presence in the US, supporting a number of high-profile industry contractors including Eurovia, Holcim and Tarmac.
The investment will support HDS’s next phase of growth, enabling the business to deliver new contracts, expand its customer reach and accelerate the development of its product portfolio. Funding will also support the continued expansion of its US operations, strengthening HDS’s international footprint.
Adoption of automated processes across the infrastructure sector is accelerating, driven by regulatory change and an increased focus on on-site safety. With major UK road contractors and asset owners seeking to remove technicians from hazardous worksites due to escalating health and safety risks, HDS is well positioned as a differentiated provider of automated quality assurance solutions for the road construction and asphalt markets.
HDS is the first business to secure investment through the Greater Glasgow Innovation Cluster via the Investment Fund for Scotland. The Cluster forms part of a wider £100 million strengthening of the Nations and Regions Investment Funds and brings together investors, innovators and high-growth businesses across key UK regions.
“We are very grateful to the British Business Bank and Maven for the investment in our company at an exciting point in our growth journey. Data is only as good as its accuracy, and as a technology partner for major infrastructure projects we strive for engineering-grade precision. This backing will allow us to invest in our product development as we enhance our automated digital solutions for both the UK and international markets.”
Joe Charlesworth, Managing Director of Highway Data Systems
“HDS has evidenced strong growth to date, developing a highly rated suite of products for customers across both roadside and plant, in both the UK and US. Joe and his team have significant experience and knowledge within the sector, and with the continuous market shift to automated processes there is a strong growth opportunity. We’re delighted to be deploying the Greater Glasgow Innovation Cluster initiative for the British Business Bank in Scotland, and look forward to supporting more companies across the country.”
Rob Stevenson, Investment Manager at Maven
"The Investment Fund for Scotland was established to support ambitious, high growth Scottish businesses. HDS exemplifies this, combining innovation with clear international growth potential. As the first investment delivered through the Greater Glasgow Innovation Cluster, this funding demonstrates the Funds role in strengthening connections between investors and innovative businesses in the region.”
Sarah Newbould, Senior Investment Manager at Nations & Regions Investment Funds, the British Business Bank
This marks the latest investment made by IFS Maven Equity Finance, showcasing Maven’s strong track record of identifying and nurturing high potential businesses, and the opportunity in Scotland to drive innovation and growth. The Fund has also backed B-Corp accredited water treatment specialist, Scotmas Group, 3D printed micro-tumour specialist, Carcinotech, and premium Indian ready meals business, Praveen Kumar.
IFS - Maven Equity Finance can provide investment of up to £5 million to support ambitious earlier and later stage businesses across Scotland. If your business, or the business you advise, is looking for an equity investment as a solution to fund future growth, get in touch here.