Sigmavision, a Cherwell Valley, Oxfordshire, UK-based developer of an innovative tool to check the safety of vehicle tyres, secured £1m funding.
– the MEIF Proof-of-Concept & Early Stage Fund, which is part of the Midlands Engine Investment Fund, supported by the European Regional Development Fund, and managed by Mercia Fund managers, and
– private investors.
The company intends to use the funds to scale production capacity, set up a global sales and aftersales department and accelerate product development.
Founded in 2003 and led by Dr Andrew Pryce, Managing Director, Sigmavision has developed a handheld scanner which slides along the surface of tyres and uses 3D scanning technology to accurately measure tread depth and tyre wear. The TreadReaderTM scanner can be used on vehicles of all types, from cars to heavy goods vehicles, buses and trailers, and eliminates the errors associated with manual dip gauges.
The company also developed drive-over ramps incorporating the same technology.
Sigmavision initially supplied its technology to a major garage equipment engineering firm but has now launched the TreadReaderTM product range into the wider market, receiving interest from tyre manufacturers, garage equipment suppliers and road safety organizations.