Eserv has sealed the investment deal, for an undisclosed sum, with Vespa Capital. It will also allow the firm to expand the capabilities of its 3D digital technology, AS-TEG. The company’s engineering expertise and technology is said to revolutionise how companies maintain complex industrial assets. AS-TEG is used by an increasing number of global energy companies and the firm said it has proven to reduce onsite survey and inspection costs by up to 70 per cent, as well as the associated carbon footprint.
Vespa Capital has partnered with the incumbent management team of Eserv led by chief executive Dan Millard, who founded the Granite City business in 2015 and has led its rapid growth.
He said: “After performing a strategic review we set out to find an investment partner that would help strengthen our balance sheet to super charge our international growth plan, as well as further invest into our staff and technology development. Vespa Capital was able to demonstrate a very credible track record of growing technology enabled companies and adding real value to management teams through mentoring.
“Eserv has grown organically from start-up to scaling our digital twin technology and support services across three continents in three energy verticals. The management team and I are very much looking forward to starting this next chapter of growth, with our new partners at Vespa Capital.”
Khidhr Shafiq, director at Vespa Capital, added: “Dan and the team at Eserv have developed an impressive and innovative solution that has a proven track record of providing a quick positive return on investment when implemented; this is driving the rapid adoption of digital twin technology. We have been impressed by the growth the team have achieved and are looking forward to our partnership during this exciting next phase.”
Vespa Capital was advised on the transaction by DLA Piper, Calash, RSM and Endava. Eserv’s shareholders were advised by EY and Addleshaw Goddard. Eserv said its AS-TEG technology also consolidates an asset’s data feeds and sources into an independent platform.