Nomad Digital Limited, a Newcastle, UK-based provider of on-board IP connectivity solutions to the rail industry, has received a £1,25m in venture debt financing.
The investment was made by the Finance For Business North East Technology Fund, which committed £750,000, and the Finance for Business North East Accelerator Fund, which committed £500,000.
Established in 2002, Nomad Digital delivers high-speed, end-to-end wireless network solutions for transportation fleets. Its networks and solutions are deployed in Europe, North America, the Middle East and Asia on over 1500 vehicles.
The North East Technology Fund, a £25m venture capital fund dedicated to investing in technology businesses with outstanding potential which are based in, or are willing to relocate to, the North East of England. It is managed by Top Technology Ventures, the FSA regulated subsidiary of IP Group plc, and is backed by the European Investment Bank, One North East and European Regional Development Funds. It invests in companies at all stages of their business cycle from £50,000 to £1.25m.
The £20m North East Accelerator Fund invests in high growth, innovative early stage businesses in any eligible sector and will complete investments of between £100k and £500k, with the maximum investment into any one company being limited to £750k per year.