PUK Ventures, the venture capital arm of Partnerships UK today announced it has completed an investment in NiTech Solutions Ltd., a company providing mixing solutions to process industries based on its patented Continuous Oscillatory Baffled ReactorTM (‘COBR’) technology.

COBR can be used by companies within the process industries to lower costs by 50% and reduce process time by 90% in manufacturing a wide range of commodities including chemicals, drugs and biofuels.  The technology has significant advantages over traditional manufacturing processes in terms of cost and performance – making manufacturing faster and with improved product quality.

The investment round of c.£800k was arranged by Braveheart Investment Group, the technology commercialisation and investment management company, and follows the initial close in December 2006, where Braveheart led the funding round of c£1m.

Commenting on the fundraising Puneet Bhatia, Investment Director of PUK Ventures, said: “NiTech offers a revolutionary technology with potential to make fundamental impact on quality and cost of manufacturing in key sectors including speciality chemicals, pharmaceuticals, oils and biofuels. We look forward to working closely with the management team in helping establish NiTech’s as a premier provider of process designs and solutions.”

Ian Laird, Managing Director of NiTech, said: “Since Braveheart’s initial investment last year we have demonstrated the use of our technology for commercial applications such as crystallisation and hydrogenation, and won new customers across a range of industries.  We welcome this additional investment from PUK Ventures which will allow us to accelerate the next phase of commercialisation.  It will enable us to further strengthen our proposition and build on what we have already achieved.”

Geoffrey Thomson, Chief Executive of Braveheart said: “We are delighted to have brought in a respected institutional investor in the form of PUK.  This investment by PUK strengthens the NiTech proposition and underpins the investment we made late last year.”

Use of COBR also reduces the environmental impact of a process because of its lower use of energy compared to traditional methods. 

The monies raised will enable NiTech to create additional reference sites for its applications and drive forward with its commercialisation activity.

Based in East Kilbride, NiTech was spun-out from Heriot-Watt University in 2003, having invented and patented a unique mixing technology.  Since then, NiTech has developed COBR to meet the specific needs of manufacturing customers such as Genzyme and FujiFilm in the UK and Avebe in Holland

- Notes to editors -

NiTech Solutions have revolutionary mixing technology that assists companies within the Process Industry to be more competitive by enabling the adopting of smaller scale continuous manufacturing methods.
NiTech are the world's leading authority on delivering Process Intensification benefits through the use of continuous oscillatory baffled reactors (COBRs). This technology is particularly effective in enhancing mixing and dispersion, and controlling the formation of solid particles.
NiTech assist companies within the pharmaceutical and chemical industry to apply this technology to deliver the fundamental changes in process performance that are necessary in today's competitive marketplace.
A range of business benefits from lower costs, improved product quality and waste reduction contribute to increasing business competitiveness.

PUK Ventures is the investment business of Partnerships UK PLC.  PUK Ventures operates a £25m fund, investing in businesses with UK public sector sponsorship and strong commercial potential.  The objective of the fund is to create and enhance the value of assets, including technology and IP, emanating from UK public bodies such as universities and public sector research labs. PUK Ventures has an experienced investment team, with strong networks in the science & venture capital communities.

The fund invests across most sectors and has historically invested in a broad range of technologies including medical/healthcare, clean/sustainable, information & communications and other engineering sciences. PUK Ventures is an active investor and works closely with portfolio companies in their strategic and operational development.

Contact details

NiTech Solutions Ltd

Ian Laird, Managing Director
+44(0) 1355 245 993
Prism House, Rankine Avenue
Scottish Enterprise Technology Park
East Kilbride G75 0QF

PUK Ventures

Puneet Bhatia, Investment Director
+44 (0) 20 7273 8383
PUK Ventures
10 Great George Street
London SW1P 3AE

Malcolm Graves, Press Information Officer
07785 316773