Par Equity leads its largest ever-seed round with SamsonVT
Edinburgh-based investment manager Par Equity has led its largest-ever seed round, with a $5.1 million investment into Manchester-headquartered startup SamsonVT, alongside US venture capital firm Blumberg Capital.
SamsonVT has developed Industry 4.0 solutions that are transforming product maintenance and after sales. SamsonCORE is changing the way maintenance engineers work by replacing paper-based technical manuals and parts catalogues with 3D models. Hosted on an interactive digital platform, SamsonCORE can also connect engineers with the wider supply chain to improve order fulfilment rates.
The company was co-founded by Sam Burgess and Ed Brunyee in 2017 after they saw an opportunity for emerging technologies, including immersive 3D modelling and machine learning, to solve the challenges original equipment manufacturers (OEMs) encounter when managing the life cycle of equipment on a global scale. The company has since undergone rapid growth with a fast-expanding client base that includes global businesses Lotus, RS Components and Norton Motorcycles.
Advisors at Sand Hill East are supporting SamsonVT through its next phase of growth in sales, marketing and business development, as well as strategically preparing for entry into the US.
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. The Covid-19 pandemic has accelerated the move to digital, and Sam, Ed and the team have an ideally placed product geared towards Industry 4.0. We are excited to support their journey in the years ahead.”
Andrew Noble, partner, Par Equity, added: “SamsonVT is exactly the sort of business that we get excited about. A fantastic management team, coupled with innovative technology, ready to tackle an enormous market. From our base in Edinburgh, Par Equity works with emerging technology companies across Scotland, Northern Ireland and the North of England. SamsonVT is the largest seed round we’ve led and it’s exciting to bring in further support from our US-based co-investment partner, Blumberg, at this stage in the company’s growth.”
Sam Burgess, CEO and co-founder of SamsonVT, commented: “Having the support of Par Equity, Blumberg Capital and Sand Hill East is a powerful endorsement of SamsonVT which demonstrates belief in the company’s potential – we are thrilled to have their backing. 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 far sooner.
“We are excited to partner with Sam, Ed and the entire SamsonVT team including Par Equity and Sand Hill East,” said Stanton Green, Blumberg Capital. “After-sales is a $400 billion global marketplace 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 helping SamsonVT make an impact on Industry 4.0, across the U.S. and globally.”