A growth capital investor has completed a multi-million pound investment for a minority shareholding in a Tees tech company.
BGF – one of the UK’s most active growth capital investor – has completed the investment in Stockton-based engineering information management (EIM) firm Datum360, to accelerate growth and address significant market demand.
Datum360’s software platform connects disparate systems, providing a trusted data backbone which manages the life cycle of critical engineering and asset management data for a range of blue-chip customers from the fields of energy, mining, utilities, road and rail infrastructure.
The fast-growth technology company was founded by CEO Steve Wilson (pictured), alongside CTO Dave Mitchell and CCO James Michael.
The management team have a combined 50 years’ experience working within large engineering and design firms where they cultivated a deep understanding of data management in major capital projects.
Datum360, based at Fusion Hive on Stockton’s North Shore, has offices in Australia and plans to open a US base in 2021.
It has a global reach and is undertaking projects in North America, Europe, Asia and Australia.
“Datum360 has built a reputation for delivering, at speed and globally, our cloud-based connected data platform for engineering information,” said Steve Wilson.
“Working with energy, mining, utilities and infrastructure clients, we are excited to see the demand for data become more distinct and more urgent.
“Our capability delivers the critical data foundation and backbone which underpins our clients evolving approach to BIM and building and maintaining their digital twins.”
Datum360 counts organisations such as BP, Total and BHP among its customers. BGF’s investment will help to unlock its expansion and allow the business to build on the fast growth it has experienced to date.
“BGF’s investment team and their expertise in supporting the scale-up of technology businesses like ours is invaluable to the next stage of our growth,” added Mr Wilson.
“Having first met BGF in September this year, we have been impressed with the pace to get the deal to completion.
“The BGF team were quick to understand our business and market opportunity and we look forward to working together to achieve our shared ambitions.”
BGF opened a Newcastle office in 2018 and has invested in a number of innovative fast-growing North-East companies, such as Sunderland-based SaleCycle – a behavioural marketing technology company – and Alnwick-headquartered Arcinova, a life sciences business.