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Successful fundraising for tech firm
June 10, 2020

Service Robotics, whose technology helps support vulnerable and elderly people, has raised £600,000 in its latest funding round. The funding includes a £300,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) and investment from Britbots and the Enterprise 100 Angel Investment Club. The company’s GenieConnect helps users by providing companionship and support by offering services such as prescription management, medication reminders, daily welfare checks, video calls and music entertainment.

Service Robotics launched its first pilot project in Cornwall in August 2019, and won its first contract from the NHS Small Business Research Initiative six months ago. The latest funding will be used to further develop the business, expand the pilot program and establish a Cornwall project office in Bude. “The current outbreak of Covid-19 is teaching us all the importance of staying connected and the increasing need for zero touch virtual care,” said Service Robotics chief executive Rob Parkes. “Genie is on hand to support the most vulnerable people in society, giving their families peace of mind that their elderly relatives are well, safe and happy.”

Ralph Singleton, head of funds, Cornwall at The FSE Group, the appointed CIOSIF fund manager, added: “GenieConnect is both an exciting and desperately needed social care innovation. The mixture of automated applications with connectivity to loved ones and caring professionals will undoubtedly be of benefit to many people in need.” The £40m Cornwall & Isles of Scilly Investment Fund has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund manager The FSE Group.

Sarah Newbould, senior manager at the British Business Bank, said: “By creating a friendly and responsive virtual assistant for older people, Service Robotics is helping to meet a real social need, especially for those who live on their own where isolation and loneliness can be a real issue. “The fund’s investment will help move the company to the next level and it’s good to see other investors coming on board, which has doubled the impact.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “As we look toward recovery it is innovative companies like Service Robotics that can make a real difference to people’s lives and demonstrate how Cornwall can lead the way in pioneering e-health solutions.”

https://www.insidermedia.com/news/south-west/successful-fundraising-for-tech-firm?utm_source=southwest_newsletter&utm_campaign=southwest_news_tracker&utm_medium=deals_article