UK early stage investor Octopus Ventures has invested £1.1m into Phase Vision, a manufacturer of optical inspection technology.
Octopus was the lead investor in Phase Vision which gives it a significant minority stake in the business. The funds that were allocated came from Octopus Titan 1, 2 and 3 VCTs, Octopus Eureka, and the Octopus Investor Group.
Phase Vision provides services to the automotive, aerospace, chemical and medical device engineering sectors and will use Octopus’ investment to bring their beta prototype to market. The commercial release of Phase Vision’s products is expected for mid-2009.
The investment market for large scale measurement with micro-scale accuracy is said to be worth £2bn, with growth of 6% expected yearly.
Chief executive of Octopus, Alex Macpherson said: “There is an opportunity to implement Phase Vision’s technology across a range of industries, especially in science and engineering sectors. Having established itself as a potential leader in its field, we look forward to the company’s impact on the metrology market.”