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Kinewell Energy toasts two major contract wins with global renewable energy giants

2025-06-13 16:49:32 By

Tyneside offshore cleantech company Kinewell Energy is celebrating two major contract wins.

The Newcastle business has signed deals with two global renewable energy producers for its award-winning KLOC software.

The six-figure, multi-year contracts, will see the two unnamed European renewable energy giants use the software during the development of all future offshore wind farms globally.

The company, which moved to its new head office in Newcastle city centre at the start of the year, already works with some of the world’s largest renewable energy producers, such as Equinor and SSE Renewables. Founder and CEO Dr Andrew Jenkins says he is confident the new deals will act as a catalyst for further growth.

He said: “We are thrilled to be welcoming these two new customers into the Kinewell family. Our KLOC software has played a key role in the development of some of the world’s largest offshore wind farms over recent years, and these partnerships will allow us to help even more communities reap the benefits of greener, cheaper energy.”

Launched in 2015, the firm’s Kinewell Layout Optimisation of Cable (KLOC) software uses AI-powered technology to calculate the most economical way of arranging subsea cable layouts, and pinpointing the best turbine locations.

It reduces the cost of the cable system by around 20%, by cutting the cable length and reducing energy loss, so that more clean power reaches communities supplied by the wind farm. The technology also slashes months off of the wind farm development process, making it quicker and more affordable for developers to move to renewable energy.

Dr Jenkins said: “Should the UN achieve its ambition of global emissions reaching Net Zero by 2050, then it is estimated that annual clean energy investment worldwide will need to triple to a staggering £4 trillion by 2030. However rising interest rates, inflation and material costs have led to development costs spiralling in recent years, meaning developers have become more conservative about how they approach projects.

“This is what has made KLOC even more appealing. Whereas traditionally our clients would utilise the software once they had secured planning, many of our clients are now factoring it into their development costs from the outset. By being able to swiftly design concept studies and bring down project costs through using KLOC, it makes tenders more competitive and can help secure projects as well as financing their development.”

Five new staff members have joined the business over the past few months, backed by support from the Technology, Innovation & Green Growth for Offshore Renewables (TIGGOR) fund, and more projects are in the pipeline.

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Massive £3.75bn data centre planned in Hertfordshire to boost UK's tech infrastructure

Technology Secretary Peter Kyle has praised a proposed £3.75bn investment in a massive new data centre in Hertfordshire. A planning application for what could be one of Europe's largest data centre campuses, spanning 85 acres and offering 2m square feet of floor space, has been submitted by a new company, DC01UK, as reported by City AM. The construction phase will immediately create around 500 jobs and is slated for completion by 2029, with an additional 200 permanent roles then being introduced to the local area. It is projected that DC01UK will contribute approximately £1.1bn in GVA to the UK economy annually, while indirectly supporting the creation of 13,700 new jobs across various sectors. The enormous facility will be situated east of South Mimms Services, adjacent to the A1 and M25, in the borough of Hertsmere. DC01UK asserts that the project's scale is currently "unrivalled" in the UK, with the site capable of harnessing power of 400MVA from the National Grid and located near the UK's national and international fibre optic routes. "Data centres play an essential role in British society, housing some of our most important data from vital NHS records to sensitive financial information," said Peter Kyle, secretary of state for science, innovation and technology. "This huge £3.75bn proposed investment is a vote of confidence in our plans to support the sector to thrive, ensuring everyone across society can feel the economic benefits of its growth." The global demand for data centres has surged due to the increased use of AI, cloud computing, storage and data-intensive services such as video streaming. Amazon's cloud division revealed plans on Tuesday to invest £8bn in the construction and maintenance of such facilities in the UK over the next five years. Google is already investing £790m in a separate 33-acre data centre in Hertfordshire to aid in the development of new AI models. However, some projects have encountered obstacles in the form of local planning decisions and political opposition. Plans for a significant 50-hectare data centre site on a quarry by the M25 were scrapped in November due to concerns it would spoil the view from the motorway's bridges. The government announced on Thursday that it would henceforth categorise data centres as "critical" national infrastructure, alongside major energy and water projects. "We must make the sector resilient to the challenges of today from heatwaves to cyber attacks which is why only today we have announced we will class data centres as 'Critical National Infrastructure', on par with energy supply systems," Kyle stated. A spokesperson for DC01UK said: "The ambition for this project is to build the next generation of national digital infrastructure to power the needs of tomorrow." The scheme, it was stated, would "put Hertfordshire at the forefront of one of the most technologically exciting projects in Europe and lead the world in setting the gold-standard for the next generation of high-tech infrastructure."

County Durham tech firm Kromek secures £2m contract with Ministry of Defence

Radiation detection pioneer Kromek has been awarded a £2m contract by the Ministry of Defence (MOD). The NETPark based business, which specialises in the development of radiation and bio-detection technology, won the deal through a competitive tender process and will now supply nuclear radiation detectors and ancillary products in its current financial year, ending April 2025. The firm said the contract to supply detection equipment for military deployment underscores its critical role in supporting national defence initiatives. The company will deliver its handheld gamma and neutron detector, the D5 RIID, along with its new Alpha Beta probe attachment as well as other associated products. The Alpha Beta probe was unveiled in November 2023 and enhances the D5 RIID’s capability by enabling the detection of alpha and beta radiation. Arnab Basu, CEO of Kromek, said: “We are delighted to have won this important contract from the MOD, a key strategic customer for Kromek. The rigorous tender process reflects the confidence in the strength of our solutions, and we are proud to provide the MOD with our latest technology, including the Alpha Beta probe, so soon after its launch. This contract further solidifies our contribution to the UK’s national defence efforts, and we look forward to deepening our partnership with the MOD.”

Cardiff fintech start up Menna boosted with £500,000 equity investment

A Cardiff fintech start-up that has developed a generative AI powered platform to help small firms make smarter financial decisions has secured a £500,000 investment to supports commercialisation plans. A syndicate of 20 business angels, led by lead investor Simon Bell, has invested £250,000 into Menna Their investment has been matched funded with a further £250,000 in equity backing from the Development Bank of Wales through its Wales Angel Co-investment Fund. Read More:Latest equity deals in Welsh business Read More:Why we need to devolve research council funding Founded in August last year by Nick Carlton and Dan Mines, Menna helps small business owners to make better financial decisions by combining generative AI with rich real-time data. Mr Carlton was previously chief product officer for Confused.com and blockchain protection venture Coincover, while Mr Mines was chief information officer for Admiral Money and chief product officer for European open banking platform Yolt. The firm’s Menna.ai platform offers real-time transaction alerts, forecasts, insights, smart recommendations savings and funding offers. It is free to use and connects with banking, e-commerce, EPOS (electronic point of sale) and accounting software accounts. The company is based at the Cardiff University Social Science Research Park (SPARK). It will use the £500,000 equity investment to accelerate the development of its product ready for market, recruiting a team of five tech specialists and preparing for a full launch in early 2025. Menna.ai will be marketed direct to customer and via partnerships with third party financial services providers throughout the UK. Co-founder Mr Carlton said: “We believe that every small business owner should have access to a finance manager, and that’s why we created Menna. There are 5.5 million small businesses in the UK, but most owners lack the skills and resources to run their businesses effectively because they don’t have formal financial training or access to advice. Mr Mines added: “We have developed a digital finance assistant for small businesses. From decisions on the affordability of recruitment to funding and capital expenditures, Menna helps small business owners make better financial decisions. “We’ve worked hard over the last year to build the proof of concept, embed the business within the local ecosystem and become investment ready. With home-grown support, this funding from our investors enables us to get Menna customer ready with further development and investment in people who want to join us on our journey as we scale-up from a Cardiff-based start-up to what we hope will be a UK success story that is rooted firmly in Wales and returning value back.” Mr Bell of fintech syndicate Rebel Syndicate is the lead investor. He said: “Menna.ai is like a finance director in your pocket, offering clear, data-driven insight to help business owners to stay on top of their finances and manage everything in one place. As a tech and data business that is proud to be Welsh and committed to remaining in Wales, it is an attractive proposition to investors who, as a syndicate, have collectively realised the extra firepower of match-funding from the Development Bank of Wales.”

Alternative telecoms provider Ogi secures £45m from the Cardiff Capital Region

Wales’ biggest alternative telecoms provider Ogi has struck a £45m funding deal with the Cardiff Capital Region (CCR) to support its growth plans. It has also secured a new multi-million-pound equity injection from its majority shareholder in Infracapital. Read More:Haydale's graphene tech capturing carbon Read More : Wrexham Lager in major Australia deal Ogi said the new funding will further extend the reach of its full fibre network across the ten local authority areas that make up the CCR - Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Merthyr Tydfil, Monmouthshire, Newport, Rhondda Cynon Taf, Torfaen and the Vale of Glamorgan. The funding has come from the CCR's close to being full invested £1.2bn City Deal. The repayment term and interest rate haven’t been disclosed, but represents the biggest loan to date provided by the city region by a considerable margin. The CCR, which in the spring became a legal entity as the first joint corporate committee in Wales, is looking to create an evergreen element to its City Deal investments with capital and interest received being reinvested. As a joint corporate committee the CCR now also has the ability to borrow prudently. The CCR is also home to Ogi’s multi-million-pound high-capacity network spanning the South Wales trunk road network into England. Built to service the growing need for cloud computing, AI and data storage the new route also increases Wales’ appeal to datacentre operators, mobile carriers and hyperscalers. After securing its first round of investment from Infracapital - the infrastructure equity investment arm of M&G plc - Ogi launch in 2021 bringing full fibre connectivity, telephony, and business IT services to underserved communities across Wales. The challenger to the incumbent operators has since built a new fibre to the premise network to over 100,000 premises in South Wales, with 1 in 5 of those already signed up as a customer. Each ‘full fibre’ community served benefits from a capital injection of around £5m, with the long-term economic impact estimated to be worth almost £5 for every £1 invested. Ogi’s chief executive, Ben Allwright, said: “Right from the start, our ambition has been to become a leading Welsh telecoms company, and the last few years have certainly laid strong foundations for that goal. “With key strategic sites like Aberthaw (former power station site which CCR acquired in 2022) to the south and the heads of the valleys to the north, there’s massive potential across the capital region – and partnering with CCR at such an exciting time in their own development is the next logical step for Ogi’s growth in southeast Wales. “Together with further investment from our principal shareholder, Infracapital, this is yet another endorsement of our mission to make sure no Welsh community gets left behind. ”I’m immensely proud of the work the team at Ogi are doing across Wales, and this news – another leap forward in Ogi’s development - is testament to their commitment to making sure Wales keeps up to speed with the rest of the UK, and the world.” Chair of the CCR, Councillor Mary Ann Brocklesby, added: “Ogi has taken regeneration to a new level with its initial investment – connecting communities to new possibilities right across the Cardiff Capital Region and beyond. Our investment into Ogi recognises that ongoing commitment to boosting the region, and the work already being done to bring vital connectivity to some of Wales’s biggest towns and villages”. Ogi was advised on the transaction by Deloitte with CMS Law acting as legal counsel for the company and Infracapital.

Revolut's billionaire founder Nik Storonsky 'sells up to £230m' of his stake in fintech

Revolut's billionaire founder and CEO, Nik Storonsky, reportedly sold a significant portion of his stake in the fintech giant during a recent employee share sale. Storonsky's exit represented a substantial slice of the approximately $500m (£383m) secondary share sale completed last month, with media reports suggesting his sold shares amounted to between 40% and 60%, as reported by City AM This would indicate Storonsky offloaded an estimated $200m (£153m)-$300m (£230m) of his holdings in the London-headquartered banking app. Nevertheless, this transaction is reported to be just a fraction of Storonsky's total stake, which is valued at around $8bn (£6bn). Revolut has chosen not to comment on the speculation, City AM disclosed. The share sale put Revolut's valuation at a towering $45bn (£34.9bn), reinforcing its position as Europes top-valued private tech enterprise as well as one of the biggest banks in Britain. Insights suggest that thousands of the company's employees participated in the lucrative share sell-off, described by the firm last month as a move "to provide employee liquidity". Investment heavyweights such as Coatue, D1 Capital Partners, and Tiger Global were among the prominent buyers of stocks during this sale. Since it was established in the UK in 2015 as a digital payment and international money transfer facility, Revolut has seen exponential growth and diversified its offerings to include services like cryptocurrency trading and eSIM plans. In 2023, it reported a record pretax profit of £438m due to higher interest rates and nearly 12m new retail customers over the year. The company anticipates its global user base will exceed 50m customers by the end of this year. Revolut's challenge to traditional high street banks was further bolstered earlier this summer when it obtained a UK banking licence, albeit with temporary restrictions, after spending more than three years in regulatory uncertainty due to audit issues, criticism of its corporate culture, and delayed account filings. The licence permits Revolut to directly hold deposits and expand lending in its domestic market, where it claims over nine million customers. It is also likely to improve Revolut's prospects of obtaining a licence in the US.

Lab tech firm BioGrad opening Yorkshire office with £3m investment as national growth goes on

Laboratory tech firm BioGrad has opened a new lab in Yorkshire as part of a £3m investment as its national expansion continues. Liverpool-based BioGrad is opening a research and teaching site in York which it says will over the next three years “position BioGrad at the forefront of science and healthcare, regenerative medicine and clinical research”. The company hopes to announce a nationwide clinical trial led by the York team in early 2025. Since 2022 BioGrad has opened labs in Birmingham, Newcastle and London, as well as developing its purpose-built clinical research centre and HQ at Wavertree Technology Park in Liverpool. It now employs some 150 people and in June its BioGrad Education arm became the first North West company to win investment from the £660m Northern Powerhouse Investment Fund II. Dr Natalie Kenny, CEO at BioGrad, said: “ Our expansion into York represents an exciting new era for BioGrad as we expand our reach across the UK. The help and support BioGrad has received from Sophie Hartley, sector development relationship manager at York and North Yorkshire CA, and Christine Hogan, inward investment manager at City of York Council, and the York and North Yorkshire Combined Authority – as well as the strengths of the region in terms of its world-class NHS Trust and universities – makes York our preferred choice for expanding our operations and their assistance has been vital in enabling us to bring BioGrad’s offering and research capabilities to the city. “We take immense pride in our UK-wide presence and eagerly anticipate furthering our efforts to create new jobs and opportunities across the region.” David Skaith, Mayor of York and North Yorkshire, said: “It is great to see laboratory testing specialist, BioGrad, move into York with an investment of more than £3 million over the next three years. “This investment will enable BioGrad to open a new research and teaching site and create high quality, skilled jobs in a high growth sector.

Haydale in Jersey trial for its underfloor heater technology

Technology company Haydale has announced a pilot trial deploying its innovative underfloor heaters within social housing in Jersey. The Ammanford-based company, which is listed on the Alternative Investment Market and a leader in advanced materials and nanotechnology innovation, is working with Jersey Energy Technologies (JET), a start-up company focused on providing energy efficiency solutions across the Channel Islands. Haydale’s underfloor heating system utilises its proprietary technology to unlock the high-level thermal conductivity properties of advanced material, graphene. Read More:Haydale's graphene tech capturing carbon Read More : Wrexham Lager in major Australia deal Data on its in-house prototype systems have shown up to 30% lower operating cost for their functionalised graphene ink underfloor heating compared to standard wired systems running off mains power. In test conditions the heaters, which can be uniformly and individually heated, have also shown improvements in flexibility, and durability – while reaching maximum temperatures quickly. This presents a potential commercial solution to meet the demand for improved energy efficiency, reducing heating costs for residents. The first real-world installation of Haydale’s product is planned to take place with JET later this year. The pilot trial will gather information over the winter period to support the efficacy and efficiency data already generated from Haydale’s in-house testing with results expected in the new year. Under the agreement, JET has agreed to pay for exclusive access to distribute the underfloor heating product within the Channel Islands on a commercial basis. If the trial is successful, it is envisaged that this environmentally friendly underfloor heating system will be rolled out in phases to selected homes and buildings. Keith Broadbent, chief executive of Haydale, said: “We are thrilled to collaborate with JET on this project which demonstrates our ability to use our plasma functionalisation technology platform to develop our own IP protected products for commercialisation, and this collaboration is a testament to our commitment to innovation and sustainability. “Our underfloor heating system not only provides superior comfort but also represents a potentially significant step forward in reducing environmental impact and energy costs. This innovative solution leverages advanced technology to provide consistent, comfortable warmth, looking to ensure that each home remains cozy throughout the year without the excessive energy consumption typically associated with traditional heating systems.”George Eves, Founder of JET, said: “The adoption of Haydale’s advanced underfloor heating technology aligns perfectly with our mission to provide high-quality, sustainable living solutions to the residents of the Channel Islands. We are excited to offer this cutting-edge heating solution and over time – we will look to roll the products out in the new build and retrofit projects underway with our development partner, improving the quality of life for our residents and setting a new standard for social housing.” In August Haydale announced a potential breakthrough in the rapidly evolving carbon capture technology sector.

First 14 gaming startups chosen for Sunderland esports accelerator

Four North East gaming startups are among 14 firms accepted onto a new esports accelerator programme, designed to drive forward the sector and create new jobs in Sunderland. British Esports, in partnership with Sunderland Software City (SSC), announced the first cohort of budding businesses to take part in the eight-week programme, which is supported by Sunderland City Council and will allow the startups to benefit from leading industry experts. The new programme – taking place at the National Esports Performance Campus in Sunderland – covers topics aimed at accelerating growth for esports sector businesses, including financial management, international expansion, digital marketing, protecting intellectual property and preparation for investment. The accelerator will end on November 1, when founders will pitch to potential investors for funding. The 14 firms were picked from 100 applications by a panel of tech experts including David Dunn and Hekla Goodman-Parker, both of SSC, and Dave Martin of British Esports. They assessed the viability of the idea, size of market opportunity, team expertise and product market fit. The regional companies taking part include Durham-based BSL AR Teacher, which aims to teaching British Sign Language using AR and tracking capabilities of Meta Quest 3; North Shields-based Beam XR, which aims to provide a live-streaming tool that enables XR games to be live-streamed across popular streaming providers; Reset Reload, based in Gateshead, an online platform for aspiring esport athletes; and Morpeth-based Racing Sims North East, a startup aiming to combine a passion for motorsport racing with a dedication to innovation. Other firms involved include HD Games from Bristol, ESG Gaming, Smash Mountain Studio, Verus and Convergence Live Ltd, all from London, Nexus Interactive Ltd, Immerzion Developments Ltd based in the Scottish Borders, Good Game Truro based in Cornwall and DS Performance Sports, from Derby. The list is rounded off by Gamlytics, a Singapore-founded, US-based esports analytics platform that has raised $210k in its pre-seed investment round backed by venture capital firm Satori Giants. The team hope the accelerator will provide a gateway to their ambitions of breaking into the European esports market. Hekla Goodman Parker, head of tech startups at Sunderland Software City, said: “This is an ambitious group of founders and we have the fantastic opportunity to help them scale by connecting the businesses straight into industry players, thanks to our partnership with British Esports and Sunderland City Council. This will be the first of many accelerators we’ll offer over the coming year as we focus primarily on growing the North East tech sector and bringing investment into the region.” Sunderland City Council chief executive Patrick Melia said: “Our city-wide investment in next-generation infrastructure, combined with our investment and support for this accelerator, underscores Sunderland’s growing reputation as a forward-thinking smart city. The innovative businesses taking part in this program are a testament to our technical proficiency, strong partnerships, and city-wide digital transformation. We’ll watch the progress of these businesses with interest and hope to attract some of these businesses and other similar companies to Sunderland longer-term to be part of our growing and ambitious city.”

How to win investment for your tech firm: Manchester entrepreneurs share their stories

Budding tech tycoons need to be thinking about employee handbooks as much as Elon Musk – that was the message from panels of entrepreneurs and experts gathered to celebrate the region’s tech successes. On Thursday I went to The Stables, off Lower Byrom Street, for the launch of this year’s Tech Climbers List in Greater Manchester. The annual list – now open for nominations for 2024 – aims to celebrate the top performing product-led tech firms in the region. Previous businesses to have been recognised include robotic automation company Digitech Oasis, property app Housr, and risk solution platform Red Flag Alert. After we’d all had our pastries and coffee, Tech Climbers founder Anna Heyes explained the event had started in Liverpool and proved so popular that a Manchester event was launched too. She said we were here to “showcase and celebrate” city tech firms – and added: “We want to tell the best story for GM. That’s what we want to do.” The first panel saw professional advisers share their thoughts on Manchester’s tech ecosystem and on the key challenges facing tech founders. Daniel Hayhurst of law firm Brabners said tech entrepreneurs needed to have all the right “foundations” for their business in place. He joked about how founders might not think about things like where contracts are stored, or employee handbooks – but reminded them that investors doing due diligence in the future will check everything. Caitlin Morris, of patent and IP law firm Marks & Clerk, said firms should think about their valuable IP early and take care not to disclose it publicly too early. And she joked about how people tell her that they don’t need to do that because Elon Musk doesn’t have patents – but yes, he does. Naomi Timperley of Tech North Advocates talked about the strong support available in Greater Manchester for tech firms, and about the power of tech events to build connections. Perhaps pondering the rainy weather and grey skies outside, she said: “Cornwall actually has a tech week on a beach, which sounds really cool. I was quite tempted to get down to that.” The second panel saw entrepreneurs share their tips for success. Ayan Mohamed of Digitech Oasis explained how she moved her robotics and automation business to Manchester two years ago and secured funds in the US. She said the business’s growth had been carefully controlled, and said: “Scaling too quickly is just as detrimental as scaling too slowly.” David Levine, serial entrepreneur and co-founder of investment network Manchester Angels, said businesses needed to be clear about why they needed funding, and how they were going to get it. And he said teaming up with an investor was like a marriage – so both parties needed to think carefully about the long term. Patrick Smith, of identity software startup Zally, said founders always had to be flexible. He said his firm had recently been approached by new global customers and had to adapt to meet their needs – and added: “As a founder it’s your responsibility to pivot”. Amman Ahmed co-founded MusicForPets – which as its name suggests provides replacing music for cats and dogs. He sold the business last year to Create Music Group – event host Mo Aldalou, of tech accelerator programme Baltic Ventures, joked that Amman should be sitting on a beach rather than on a tech panel. Amman said founders should be “obsessed” with their customers. And he said people should build companies “in a way where everyone can get fired, including the founder” – in other words, build it in a way so the business can easily be handed over as and when you exit. Asked about the health of the Manchester tech scene, Patrick said founders needed to be more positive. “We need to stop complaining,” he said, insisting that funding was available in the North West and that businesses needed to do the work to attract it. “A negative mindset doesn’t attract a positive response in any capacity,” he said. And he added: “I’m in London once a week now and I’m an ambassador for Manchester and what it is. And people there are starting to listen.” David said firms needed to raise their ambition and “do bigger and better things”.

Cardiff medtech firm Alesi Surgical boosted with £5m equity round

Cardiff-based medtech company Alesi Surgical, which has developed technology to manage smoke created by surgical tools in operating theatres, has raised £5m to support its global growth plans. The funding round into the Cardiff University spinout company was led by Mercia Ventures and including existing investors IP Group and Panakès Partners. It brings the total raised by the company to date to over £21m and comes Alesi has secured regulator clearance in the US from the Food and Drug Administration (FDA) for IonPencil - the first surgical tool to incorporate its technology for use in routine surgery and which represents approximately 80% of all surgical procedures. Read More:Creo Medical in line for £25m cash boost for sale of majority stake in its European business Read More: Latest equity deals in Welsh business The hazards of smoke generated by electronic surgical tools are increasingly being recognised. Smoke reduces visibility and fogs cameras during keyhole surgery, interrupting workflow. It also creates health risks for theatre staff due to the presence of toxins and viruses in human tissue. Legislation has already been passed in 18 US states requiring a smoke management policy in all surgical procedures, with more expected to follow. Alesi’s system uses electrical filtration to remove surgical smoke from the atmosphere. Its first-generation ultravision system was designed for laparoscopic surgery and has been used in over 40,000 procedures. Independent research has shown that it is 23 times better than alternative solutions at minimising smoke release during laparoscopies and that it captures and reduces the infectivity of viruses in the smoke. The latest version, ultravision2, which is FDA approved, is a platform technology that can be integrated into surgical tools and existing theatre equipment. Its first integrated tool, for use in laparoscopic surgery, already has FDA approval and the launch of IonPencil for routine surgery means it now offers smoke management solutions for all surgical procedures that create smoke. There are over 40 million such procedures performed in the USA, Europe, and Japan every year. Alesi is based at the Cardiff Medicentre and currently employs a team of 15. The latest funding will enable it to drive sales in the US market and to seek regulatory approvals for its products in Europe and Japan. Its chief executive Dominic Griffiths said: “We have been overwhelmed with the positive feedback we received from surgeons during the development of the IonPencil. As they have been reluctant to adopt the current systems, we believe our device will greatly improve compliance with new legislation. We are also pleased to welcome Mercia Ventures as a new investor alongside our existing investors and are eager to put this latest capital to good use to fuel our future growth.”