ICON secures equity funding from new investor 3i and existing investors Doughty Hanson Technology Ventures for disruptive embedded sensor company as part of an overall £12.3 million Series B investment. 3i and Doughty Hanson have together invested £8.1 million in this round and further funding was secured from a £1.5million Regional Selective Assistance grant and a £2.7million property development grant. ICON also represented DeepStream on its Series A investment.
DeepStream designs and manufactures intelligent embedded sensors which make electrical products smart. This enables the acquisition and communication of valuable data, providing diagnostic, prognostic and energy management capabilities within building automation applications or electrical appliances. The funding will be used to expand the company’s range of solution platforms for new markets, partcularly energy management, medical and appliance sectors, as well as expanding its revolutionary production operations to increase capacity.
In April 2008, following a 4 year technology partnership, DeepStream announced its first major client, Moeller Automation, the leading European electrical product manufacturer, who are using a bespoke design of DeepStream’s proprietary 3D circuitry to overcome a hostile product environment and launch the worlds first digital Residual Current Device.
The company also recently announced that it will soon move into the own branded networked energy products market, where its 3D circuits and energy software platform will enable the integration of Energy Intelligence into everyday electrical products and launch next generation energy efficient products.
“ICON is outstanding! Without their dedication and market knowledge, this deal would not have happened”
Mark Crosier, CEO, DeepStream Technologies
“ICON made the process of raising finance very efficient for both the company and the investor. ICON’s knowledge of the investor base, and the processes used to make decisions, ensured the company was properly represented and maximised the probability of success. Both investor and management’s time is scarce, and hence the skill and expertise of ICON was a major success factor for the company raising quality finance”
Nigel Grierson, Investment Director, Doughty Hanson Technology Ventures