Malvern-based D-RisQ, has secured £360,000 from the Midlands Engine Investment Fund (MEIF) Equity Finance Fund, managed by Birmingham venture capital firm Midven.
Founded in 2012, D-RisQ specialises in the development of automated software tools that improves system safety across a host of industries, including aerospace, automotive and security.
The funds will enable D-RisQ to work with a wider range of businesses and develop its range of automated software tools. The business also plans to increase its sales and marketing function, including developing a new website.
The investment will also enable the company to take on a number of new recruits to its Malvern-base over the next 18 months.
D-RisQ has a highly experienced management team, led by Nick Tudor, Prof Colin O’Halloran and David Sheppard, who all have over thirty years’ experience in senior roles within the aerospace and defence sector.
The team initially worked together at the UK Defence Research organisation where they developed CLawZ®, a semi-automatic verification tool which was used on the Eurofighter aircraft. D-RisQ was then set up to develop a series of automatic verification tools designed to improve software development efficiency while complying with safety needs.
Nick Tudor, Chief Executive Officer at D-RisQ, says: “This investment marks a significant step forward for D-RisQ, enabling us to form a valuable partnership with Midven and the MEIF. The additional finance will accelerate the Company’s growth and provide access to additional business expertise, enabling the transition from a research and development company to a major supplier of automated software development tools.
“The technology we utilise is a ground-breaking mathematical approach and the resulting products will be the culmination of hundreds of years of development effort which are set to have a significant world-wide impact on the safety and behavioural assurance of software systems.”
Giovanni Finocchio, Midven’s Investment Director said: “This is an exciting investment for MEIF, led by a team of experienced and talented individuals. D-RisQ has produced a suite of tools that enable software developers to design and produce software that performs predicted behaviour.
“The tools will give businesses the opportunity to save millions on costs from wasted resources and the testing of software that doesn’t perform as initially intended. Take for example autonomous vehicles, any flaws in software design and code can have disastrous consequences, so having tools that perform checks and balances is a must. I’m looking forward to working with D-RisQ, it has great potential.”
Grant Peggie, Director, at the British Business Bank said: “This investment demonstrates how the MEIF is making a real difference to innovative businesses in the region, supporting new skilled jobs and enabling businesses to grow and move into new markets. We would encourage growing businesses in Worcestershire and beyond to consider the financing options available through the Fund.”
Gary Woodman, Chief Executive of Worcestershire Local Enterprise Partnership, said: “It is fantastic to see another Worcestershire business being supported through the Midlands Engine Investment Fund. Cyber Security and technology is a key sector here in Worcestershire and this significant investment will help D-RisQ to develop and implement an effective communications and marketing plan, allowing them to further grow over the next few years.”