Maven backs DeepTech business TextureJet through MEIF II

TextureJet, a leading innovator in advanced surface processing technology, has secured a six-figure business loan from the Midlands Engine Investment Fund II (MEIF II) via Fund Manager for the East and South East Midlands, Maven.

Founded in 2019 as a spin-out from the University of Nottingham, TextureJet is changing the way metal surfaces are processed with its eco-friendly technology. Its patented system uses a precise jet process for edge shaping, surface preparation and part marking metal components. Its core product, the Stat® platform, is a portable, modular system that can be customised for robotic, multi-axis, or handheld use, enabling high-precision metal finishing.

The Stat® platform supports a number of industries, including aerospace, defence, automotive, energy and healthcare.

Compared to traditional methods, its machines are more accurate, generate less waste, and help boost production. The  company holds patents and trademarks across major global markets. As manufacturers look for cleaner, safer and more efficient ways to finish metal parts, TextureJet offers a smarter alternative to outdated manual techniques.

The loan from the Maven-managed Midlands Engine Investment Fund II, alongside additional equity investment from existing investor Foresight, will enable TextureJet to scale its production capabilities in support of several significant new contract wins. Maven previously backed the business through the first Midlands Engine Investment Fund in 2022.

The funding will also accelerate product development, particularly the completion of its 5-axis deburring machine for customer trials. In addition, the investment will allow TextureJet to increase inventory of its Stat® systems for on-site demonstrations, participate in industry trade shows, and expand its marketing and technical sales teams to drive commercial growth.

Jonathon Mitchell-Smith, CEO of TextureJet

“This funding from the Midlands Engine Investment Fund II via Maven comes at a critical point in our journey. It allows us to significantly increase production capacity, deliver on major new customer contracts, and bring our next-generation 5-axis system to market. We're proud to be building breakthrough technology right here in the Midlands, and this support enables us to scale our impact across global manufacturing sectors looking for cleaner, smarter, and more precise surface processing solutions."

Jonathon Mitchell-Smith, CEO of TextureJet

“TextureJet is delivering a tooling platform with world leading capability, and we’re pleased to back Jonathon and the team at such a pivotal point in the company’s growth. A real local success story as a spinout of the University of Nottingham’s Faculty of Engineering, all machines are built in-house using suppliers in the Midlands, which is a credit to the materials available and workmanship in the region. We look forward to supporting the business as they accelerate their expansion plans.”

Jonathan Lowe, Regional Debt Funds at Maven

“TextureJet is another great example of a growing business that has previously secured investment through the first Midlands Engine Investment Fund and now again with the second iteration of the fund. Its pioneering technology is breaking barriers, and we look forward to being part of their journey as they continue to push the boundaries of what’s possible in a rapidly evolving sector.”

David Tindall, Senior Investment Manager at British Business Bank

This latest investment adds to a growing list of businesses backed by MEIF II - Debt Finance East and South East Midlands. To date, the Fund has backed a diverse range of businesses including, Sunset Commercial, a commercial brokerage business, Panoramix, an IP law firm, Advance Tapes, an independent adhesive tapes manufacturer, DUKE Distribution, a logistics and trackway installation provider and Vision4Sport, a sports hospitality specialist.

As Fund Manager of MEIF II - Debt Finance East and South East Midlands, Maven can provide business loans from £100,000 to £2 million to support both earlier and later stage businesses with real growth potential across a range of sectors. If your business, or the business you advise, is considering debt finance to support future growth please, click here.