LONDON 3i Group plc, a U.K. venture capital company, has led a £8.1 million (about $15 million) Series B round of equity funding investment in DeepStream Technologies Ltd. (Bangor, Wales), a company that packages sensors with digital processors and firmware for use in electromechanical products.
Doughty Hanson Technology Ventures, the early-stage venture capital fund, has made a follow-on investment, further to its original investment in DeepStream, after its formation in 2004, 3i said.
The latest tranche of money would be used to expand DeepStream's product range, particularly in the energy management, medical and electrical appliance sectors, 3i said. The closing of the Series B round brings its total equity, debt and government grant funding to date to £25 million (about $45 million).
DeepStream's digital offering can be part of making mundane electrical products part of internet enabled services. Embedded sensors allow the acquisition and communication of data for networked services, providing diagnostic, prognostic and energy management capabilities within building automation applications or electrical appliances, 3i said.
DeepStream also offers a 3D manufacturing process that can allow clients to integrate digital intelligence in existing product designs, as well as in newly-developed products. “Through its packaged digital solutions, Deepstream enables established industries to create new products with the potential to transform their marketplace," said Stephen Lowery, 3i VC director, in a statement.
DeepStream announced it had appointed Richard Parry-Jones, Ford’s chief technical officer and group vice president president, as non-executive chairman in January 2006. Parry-Jones was born in Bangor.