A Manchester start-up is eyeing “rapid growth” after securing $5.1m in seed round funding.
SamsonVT develops Industry 4.0 solutions, including replacing paper-based technical manuals and parts catalogues, with 3D models.
The funding round was led by Par Equity with Blumberg Capital and will be used for product development and expansion into new markets.
‘‘Having the support of Par Equity, Blumberg Capital and Sand Hill East is a powerful endorsement of SamsonVT which demonstrates belief in the company’s potential – we are thrilled to have their backing,” explained Sam Burgess, CEO and co-founder of SamsonVT.
“There is a huge desire for smart technologies that help OEMs improve customer service, while also allowing them to operate more efficiently and in a more sustainable way. We can help them achieve these goals and this funding will enable us to provide our solutions to more organisations far sooner.’’
Burgess is a former Team Leader in the Royal Engineers, and founded the company alongside corporate finance adviser, Ed Brunyee in 2017.
They felt there was a niche in the multi-billion dollar after sales market to use tech to increase efficiency.
Its SamsonCORE digital platform connects engineers with the wider supply chain to improve order fulfilment rates.
“SamsonVT has the potential to become the go-to platform for the after sales market, an industry that is vast in size, fragmented, and characterised by a lack of innovation. The Covid-19 pandemic has accelerated the move to digital, and Sam, Ed and the team have an ideally placed product geared towards Industry 4.0. We are excited to support their journey in the years ahead,” added Aidan MacMillan, Senior Investment Manager, Par Equity.
Advisors at Sand Hill East are supporting SamsonVT through its next phase of growth in sales, marketing and business development, as well as strategically preparing for its entry into North America.
“We were attracted by SamsonVT’s ability to disrupt and digitise aftermarket servicing and order fulfillment, and wanted to participate and work with them to build out the business and bring their unique capabilities to the Americas market,” said Andy Brown, CEO, Sand Hill East.