Mobeus backs fingerprint scanner developer BiositeLast updated on: December 2, 2016, Author: R Sahota
Solihull-based software company, Biosite, has secured backing from private equity firm Mobeus Equity Partners, which has provided the software business £4 million in growth capital.
Biosite was founded in 2010 to address some construction sector needs: safety, security and workforce management. Biosite has developed a software system that ties biometric data collected from the access control platform to manage staff, as well as providing broader security services like integrated CCTV, fire alarms and guarding.
The funding will help Biosite to build out the team and to take advantage of the significant opportunities the platform can provide, epecially as Biosite works with a number of construction firms in the UK including Wates, Bouygues, Willmott Dixon and BAM Construction. As well as providing efficiency savings, Biosite assists its customers to meet safety and compliance requirements.
Biosite was started with very limited capital. Last year, it turned over just shy of £5 million.
“If you look at the UK construction sector over the past five years, the sector has remained remarkably robust,” Mobeus’ investment manager, Amit Hindocha commented. “We looked at a number of forecasts for the sector going forward, and construction is due for some growth. Even if you look at some of the less bullish analyses, they still expect the sector to grow.” Beyond the sector’s forecast, Biosite’s success stems from its ability to address a customer pain-point.
“They’ve basically taken an advancement in technology into a sector that has a lot of margin pressure. They are bringing an innovative solution to a long-term problem, and any savings customers make can be crucial,” Hindocha said. Biosite is led by managing director Dr Li Wang and research director Dr Greg Reynolds. Along with capital, Mobeus has introduced Mark Roberts, former CEO of CSC, as a non-executive chairman. Mark Roberts has previously grown and sold a PE-backed business that was doing software for the engineering sector.