AN EDINBURGH imaging company that counts Google and Apple as partners has secured £500,000 funding to respond to the demand for new cameras it launched in September.
Barclays Innovation Finance (BIF) has provided NCTech with a loan to grow sales of its 360 degree rapid imaging systems.
NCTech was founded in 2010 and last year it launched iris360, the only automatic spherical camera approved by Google for use in its ‘street view trusted’ programme. The privately held company has been backed by business angel syndicate Archangels and is listed on the Scottish Enterprise high growth stream.
Cameron Ure, CEO of NCTech commented: “We are in a fortunate position to be able to announce this credit facility with Barclays Innovation Finance. It is encouraging to work with an organisation that understands our needs as a fast growing technology business. I’m confident this is the first step in an on-going and growing relationship.”
BIF is an initiative providing innovative companies with additional financing at more favourable rates. It is a result of an agreement between Barclays and the European Investment Fund, allowing it to provide €140m (£100m) finance lending to small and medium-sized enterprises and small mid-caps in the UK over the next two years.
BIF is supported by the lnnovFin SME Guarantee Facility – which guarantees debt financing in order to encourage banks to invest in growth businesses – part of a European Investment Bank Group and European Commission initiative under the Horizon 2020 research and innovation programme.
Jamie Grant, head of business and corporate banking at Barclays commented: “Barclays is well placed to support high growth businesses and entrepreneurs, from start-up, to scale up, to IPO. Lending to SMEs is core to our offering and our joint-venture agreement with the EIF is now another way that our business customers can access funding when they need it most.”
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