The company behind a wearable safety solution which helps to improve the safety of railway staff and prevent avoidable incidents has raised £2m as it aims to expand into new sectors and global markets.
Lincoln-based Tended has created a geospatial positioning device to alert rail workers when they exit designated safe zones, allowing them to maintain a safe distance from onsite hazards such as open lines and in-use heavy machinery.
The firm has also recently secured a seven-figure contract with Network Rail and has now gained the backing of Praetura Ventures and Blackfinch Ventures.
Another major customer of the company is Siemens Mobility, which has been working with Tended for the past two years and is now embedding its geofencing technology nationally into its business-as-usual processes.
The tech giant has also been working with the firm to develop new functionality that will play an integral role in worksite management.
Tended’s technology can issue an alert within 0.25 seconds, giving workers adequate time to move out of harm’s way or respond to a potential danger.
The company’s solution also provides rail companies with asset tracking, providing a bird’s eye view of their worksites.
The £2m round has been led by Praetura’s EIS Growth Fund, with Tended also raising money from its existing investor Blackfinch Ventures and angel investors.
The funding will also be used to strengthen the business’ IP portfolio, release the next generation of its wearable device and increase its headcount across sales and engineering.
Praetura partner Andy Barrow joins Tended’s board, alongside Ijaz Khan from Blackfinch Ventures.
“Our mission is to put an end to preventable accidents and fatalities. Working with top-tier investors and partners, we’re pushing the boundaries with geospatial technology and developing some exciting new capabilities that are moving us closer to this mission,” said Leo Scott Smith, CEO and founder of Tended.
“These include Blackfinch and our new investor Praetura, and their backing will enable us to accelerate our company growth and expansion into new markets and territories.
“Expanding our geographical footprint will enable us to bring our technology to new customers and industries that can greatly benefit from our solutions. We’re excited to capitalise on these new opportunities while continuing to drive the business forward.”
Barrow added: “Railway infrastructure relies on constant maintenance and the continued efforts of trackside staff to ensure services operate smoothly and safely. This is why companies must do everything in their power to protect those who work on the railways.
“Tended instantly inspired us with its approach to advanced geospatial technology, which is already having a profound impact on the safety of trackside workers. This investment also marks our latest foray into transport and using technology to improve infrastructure.
“We’re looking forward to working closely with Leo and the team, living by our ‘more than money’ ethos to help the business attract more major clients and contracts in the UK and around the world.”