Manchester-based technology startup SamsonVT has raised $5.1 million in seed funding for product development and expansion into new markets. The investment was led by Par Equity, with participation from US-based Blumberg Capital.
The additional capital will be used to support the company’s aggressive global growth strategy, which includes plans to develop new and existing products, enhance customer service, and scale production as it expands into new territories.
Founded in 2017 by Sam Burgess and Ed Brunyee, the startup was born to tackle the status quo, where product after-sales management is treated as an afterthought. The startup has developed Industry 4.0 solutions to transform this $400-billion market of product maintenance and after-sales. Its offering, SamsonCORE is changing the way maintenance engineers work by replacing paper-based technical manuals and parts catalogues with 3D models.
The company has undergone rapid growth with a fast-expanding client base that includes global businesses such as Lotus, RS Components and Norton Motorcycles.
Sam Burgess, CEO, and co-founder of SamsonVT, said: ‘‘There is a huge desire for smart technologies that help OEMs improve customer service, while also allowing them to operate more efficiently and in a more sustainable way. We can help them achieve these goals and this funding will enable us to provide our solutions to more organisations.’’
Aidan MacMillan, Senior Investment Manager, Par Equity said: “SamsonVT has the potential to become the go-to platform for the after-sales market, an industry that is vast in size, fragmented, and characterised by a lack of innovation."