£1.1m for imaging company
Maven backs Whiterock’s expansion
Aberdeen-based Whiterock Group comprises two stand-alone businesses, ZynQ 360 and Mercury 92 whose technology can be used to navigate every area of hard-to-access assets such as offshore platforms, refineries, or government buildings.
The technology can be used to meet duty of care regulations which require businesses to ensure that operational risk is identified, evaluated and managed.
Whiterock has forged a niche position within the corporate design and communication market and the investment will allow it to scale-up and deliver on its strong pipeline of opportunities.
Brian Dillon, the company’s managing director, said: “This transaction provides a great platform for the next phase of our development. The investment comes at a very exciting time for the business and will allow us to accelerate our growth plans.”
Ewan MacKinnon, investment director at Maven, added: “Maven is committed to supporting dynamic UK businesses, and Whiterock certainly fits that profile; it truly is at the cutting-edge of technology.”
This transaction represents Maven’s fifth VCT (Venture Capital Trust) investment in 2016, and its 11th private equity transaction of the year.
Legal advice to Maven was provided by Blackwoods, commercial due diligence by Intuitis and insurance by Lockton.