Midlands manufacturer Surface Generation closes £3.1m deal
New Wave Ventures leads investment in fast-growth firm to enable it to continue overseas expansion
Surface Generation, a UK composite processing equipment manager, is set for “rapid growth” having secured £3.1m new investment in a round led by London venture firm New Wave Ventures.
Based in the Midlands, Surface Generation specialises in composites and claims to have invented an innovative solution focused on ‘intelligent’ moulding” which helps manufactures make higher tech goods more efficiently – producing energy savings of over 90%.
This technology has enabled it to win contacts with overseas firms such as Japanese engineer specialist IHI Corporation which is using the process support its commercial aircraft programme.
Having recently opened a new facility in Taiwan, the manufacturer plans to extend its international growth with centres on the West and East cost of America.
Funding will also go towards increasing headcount to 40, with the vision to double annual revenue to £2m for year-end 2015.
Surface Generation founder and chief executive, Ben Halford, said of the deal: “We are thrilled to have secured this additional funding from our investors who are committed to the long term growth of the business. The new investment will enable us to continue to grow in our existing markets, which range from aerospace to consumer electronics, but also enter new ones such as energy.”