Highway Data Systems, which provides quality assurance technology to the road construction sector, has secured £1.25 million for growth, including expansion of its foothold in the US.
The support package for the Glasgow-based company is from the Investment Fund for Scotland managed by Maven Capital Partners and delivered by the British Business Bank (BBB).
HDS’s technology automates manual, labour-intensive and safety critical testing processes.
It has a strong client base in the UK and a growing base in the US. The business supports a number of high-profile industry contractors including Eurovia, Holcim and Tarmac.
HDS is the first business to secure investment through the Greater Glasgow Innovation Cluster via the Investment Fund for Scotland.
The Cluster forms part of a wider £100 million strengthening of the Nations and Regions Investment Funds and brings together investors, innovators and high-growth businesses across key UK regions.
Joe Charlesworth, managing director at HDS, said: “Data is only as good as its accuracy, and as a technology partner for major infrastructure projects we strive for engineering-grade precision.
“This backing will allow us to invest in our product development as we enhance our automated digital solutions for both the UK and international markets.”
Rob Stevenson, investment manager at Maven, said: “HDS has evidenced strong growth to date, developing a highly rated suite of products for customers across both roadside and plant, in both the UK and US.”
Sarah Newbould, senior investment manager for the BBB’s nations & regions investment funds, said HDS combines “innovation with clear international growth potential”.
She added: “As the first investment delivered through the Greater Glasgow Innovation Cluster, this funding demonstrates the fund’s role in strengthening connections between investors and innovative businesses in the region.”
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