NPIF Maven Equity Finance has invested £160,000 in data analysis business, Innotech Insights. The funding will support the expansion of Innotech’s sales team, invest in product development and in the roll out of the company’s flagship analysis system product, Crowded.
Innotech provides both public and private sector organisations with the information they need to make major planning decisions by accurately monitoring pedestrian movements in an area, indoors or out. Innotech’s main product, ‘Crowded’, is a cutting edge analysis system that collects and auto-analyses pedestrian movement data by installing small scanner devices in a monitoring area which track each individual that moves through the area via their mobile phone.
Crowded considerably reduces the cost of obtaining such information, while at the same time enabling it to capture a broad range of data. The technology also brings added value to adjacent markets, such as physical advertising, by recording the movement of people throughout areas of interest where advertising revenue is monetised by way of footfall volume.
There has been a recent rise in the development of mobile network data for use in monitoring pedestrian and vehicular movement, which has proven to be a valid and useful technology for observing general volume of large-scale areas.
Liam Wright is founder and managing director, who has over 15 years’ experience in transport and people data collection prior to launching Innotech.
Alex Rothwell, Investment Manager at Maven, said, ”Innotech’s technology is a pioneer in its field for this type of data system. Liam and his team have have identified a definite and growing need for a reliable source of information and understand that to achieve this, projects must be led by technology and not be process, procedure or man-power driven. We look forward to working with Liam he expands the sales team in Yorkshire and embarks upon an exciting programme of growth.”
Liam Wright, Founder and Managing Director of Innotech, said “We are excited to start this new chapter with Maven and the support, experience and knowledge that they bring through both NPIF and their own great team gives us every advantage moving forward. Being granted the investment from Maven is a huge milestone for Innotech Insights and allows us to grow a phenomenal team of professionals around our existing research and software products, as well as continue to strive for excellence in our field through innovation and collaboration.“
Grant Peggie, Director at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. We are pleased that NPIF is continuing to unlock the North’s growth potential by supporting small growing businesses with vital investment.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.