Investment, led by Par Equity with Blumberg Capital, will fund product development and expansion into new markets
MANCHESTER, England, January 27, 2022–(BUSINESS WIRE)–Manchester-based tech start-up, SamsonVT, today announced that it has received $5.1 million in seed funding through an investment led by Nominal equity, with the participation of the American company Capital of Blumberg.
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From left to right: Ed Brunyee, CFO and Co-Founder, SamsonVT, Sam Burgess, CEO and Co-Founder, SamsonVT (Photo: Business Wire)
SamsonVT has developed Industry 4.0 solutions that transform product maintenance and after-sales service, a 400 billion dollar market. SamsonCORE, for example, is changing the way maintenance engineers work by replacing technical manuals and paper-based parts catalogs with 3D models. Hosted on an interactive digital platform, SamsonCORE can also connect engineers to the wider supply chain to improve order fulfillment rates.
The company was co-founded by Sam Burgess and Ed Brunyee in 2017 after seeing an opportunity for emerging technologies, including immersive 3D modeling and machine learning, to solve the challenges faced by OEMs when managing the product lifecycle. life of equipment on a global scale.
Sam, a former Royal Engineers team leader, and Ed, a corporate finance adviser, both had experience advising and supporting multinational organisations, and realized there was the potential to provide critical solutions to the multi-billion dollar aftermarket – a market traditionally underserved by the technology sector.
The company has since grown rapidly with an expanding customer base that includes global businesses Lotus, RS Components and Norton Motorcycles.
The funding will be used to support SamsonVT’s aggressive global growth strategy, which includes plans to develop new and existing products, improve customer service and increase production as the company expands into new areas. new territories.
Sand Hill East advisors are supporting SamsonVT in its next phase of sales, marketing and business development growth, as well as strategic preparation for its US entry.
Sam Burgess, CEO and Co-Founder of SamsonVT, said: “Having the backing of Par Equity, Blumberg Capital and Sand Hill East is a powerful endorsement of SamsonVT that demonstrates faith in the potential of the business – we are delighted to have their support. There is a huge desire for smart technologies that help OEMs improve customer service, while enabling them to operate more efficiently and sustainably. We can help them achieve these goals and this funding will allow us to deliver our solutions to more organizations much sooner.”
Aidan MacMillan, Chief Investment Officer, Par Equity, said, “SamsonVT has the potential to become the go-to platform for the aftermarket, an industry that is large, fragmented and characterized by a lack of innovation. . The November 19 pandemic has accelerated the shift to digital, and Sam, Ed and the team have a product ideally placed and geared towards Industry 4.0. We are delighted to support their journey in the years to come. »
“We are delighted to partner with Sam, Ed and the entire SamsonVT team, including Par Equity and Sand Hill East,” said Stanton Green, Blumberg Capital. “Aftermarket service is a $400 billion global market that is experiencing a digital evolution and SamsonVT will be at the forefront, helping a growing market make the transition. We look forward to the journey ahead and help SamsonVT to impact Industry 4.0, across the United States and globally.”
“We were attracted to SamsonVT’s ability to disrupt and digitize after-sales service and order fulfillment, and we wanted to participate and work with them to grow the business and bring their unique capabilities to the Americas market. .” said Andy Brown, CEO of Sand Hill East.
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SamsonVT was born out of frustration with the status quo, where aftermarket product management is an afterthought. SamsonCORE helps companies empower engineers in the field, replacing technical manuals and parts catalogs with easy-to-follow 3D models on an always-up-to-date digital platform. This ensures that maintenance can be carried out as efficiently as possible, saving businesses costly delays. Simple to update in many languages, SamsonCORE also enables better on-the-job training and skills improvement.
Nominal equity is a leading Edinburgh-based venture capital firm investing in innovative, high growth potential B2B technology companies across the North of the UK. Since its inception in 2008, Par Equity has invested over £100m in 66 companies, raising a further £210m from third-party investors.
About Blumberg Capital
Capital of Blumberg is an early-stage venture capital firm that partners with visionary entrepreneurs to build successful technology companies that empower individuals, businesses and society through the innovative use of AI, big data and analytics. other transformative technologies. We are passionate about supporting B2B technology companies from the seed stage through their growth journey, as active board members and practical advisors. We were early investors in industry leaders including Addepar, Braze, Credorax, DoubleVerify, Fundbox, HootSuite, Katapult, Nutanix, Trulioo and Yotpo. Find us in San Francisco, Tel Aviv, Miami and New York or at blumbergcapital.com.
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