The British Business Bank has announced the first deal from the Midlands Engine Investment Fund II, with a £1m equity investment in True Position Robotics, facilitated by the appointed fund manager for the East and South East Midlands, Mercia Ventures.
True Position Robotics (TPR) is a Nottingham-based company which says its industrial robots could revolutionise aircraft production and slash the cost of new planes. The investment comes as demand for new planes has surged due to a rise in passenger numbers and a drive by airlines to replace ageing fleets with more modern, fuel-efficient craft.
TPR, founded in 2018 by Roger Holden, has pioneered a way to automate the assembly process for aircraft using low-cost “off-the-shelf” industrial robots adapted with its own software and hardware. The company is already working with leading industry names including BAE, which has adopted the technology as part of its Factory of the Future programme.
Currently aircraft assembly is largely a manual process. Parts must be lined up, holes positioned precisely and carefully drilled. TPR’s robots automate the entire drilling process and the subsequent inspection. Its unique optical tracking technology and clamp system keeps the drill in place for 100% accuracy.
This pioneering approach to aircraft assembly enables planes to be built in a fraction of the time and reduces the amount of material required, resulting in lighter craft with better fuel efficiency. The use of lightweight standard robots also means that TPR’s systems are around a tenth of the cost of a traditional automation line and use far less energy.
The equity investment received through the Midlands Engine Investment Fund II and managed by Mercia Ventures will enable the business to scale up operations and continue its research and development.
Holden said: “Unlike vehicle assembly, where processes are repeatable, with aircraft the need for lightweight components and high precision means that no two operations are the same. For this reason automation has so far proved too difficult or too costly. Our robot guidance systems overcome these challenges. The investment from the Midlands Engine Investment Fund II will enable us to consolidate our position and start work on the next generation of products to ensure we maintain our position as thought leaders in the industry.”
The £400m Midlands Engine Investment Fund II covers the entire Midlands region and provides debt finance from £25,000 to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
Ken Cooper, managing director, venture solutions, British Business Bank said: “The Midlands Engine Investment Fund II’s investment into True Position Robotics is an excellent example of the way the fund can provide transformative funding for companies at the forefront of developing pioneering technology. The investment marks a significant first milestone for the fund which has been designed to support a wide range of innovative local businesses.”
Hannah Tapsell Chapman of Mercia Ventures added: “True Position Robotics’ technology addresses some of the key challenges for UK manufacturers – how to increase productivity, reduce cost and energy use and move towards net zero. Despite being an early-stage business, it has already gained real traction and attracted major clients. The funding will help Roger and the team to scale up their operation and pursue their mission to revolutionise aircraft manufacturing.”
Shakespeare Martineau in Nottingham provided legal advice to Mercia Ventures on the deal.
