Manchester technology startup SamsonVT has received £3.8 million in seed funding.
SamsonVT has developed Industry 4.0 solutions to transform product maintenance and after sales.
SamsonCORE is changing the way maintenance engineers work by replacing paper-based technical manuals and parts catalogues with 3D models. Hosted on an interactive digital platform, it can also connect engineers with the wider supply chain to improve order fulfilment rates.
The company was co-founded by Sam Burgess and Ed Brunyee in 2017 after they saw an opportunity for emerging technologies, including immersive 3D modelling and machine learning, to solve the challenges OEMs encounter when managing the lifecycle of equipment.
Burgess, a former team leader in the Royal Engineers, and Brunyee, a corporate finance advisor, both had experience advising and supporting multi-national organisations, and realised there was the potential to provide critical solutions to the multi-billion dollar after sales market – a market that has traditionally been underserved by the technology sector.
The company has since undergone rapid growth with a fast-expanding client base that includes global businesses Lotus, RS Components and Norton Motorcycles.
The investment was led by Par Equity, with participation from US-based Blumberg Capital. 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 entry into the US.
“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,” said Burgess.
“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.”
Aidan MacMillan, senior investment manager, Par Equity said: “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.”