23rd September 2019
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Digital technology company Gemini Digital Technologies (GemDT) has secured a £100,000 loan from NPIF – BFS & MSIF Microfinance, a product managed by GC Business Finance and MSIF and part of the Northern Powerhouse Investment Fund.
Based in Manchester, GemDT has been working with industry partners to establish a solution to enable the attainment of ‘The Digital Twin’ in manufacturing. Combining skills in inspection and metrology with IT, the company has developed a fast and accurate inspection solution, and a technology platform to manage that data through the life cycle of the product or part.
The technology consists of three distinct sections, beginning with the initial conversion of 2D engineering drawings to 3D computer models. The technology then collects data using photogrammetry – a series of very accurate photographs of a manufactured part aiming at improved inspection efficiency and quality. Finally, the firm uses its ‘Engineering Hub’ app – a secure cloud-based repository – to inspect and interrogate the collected data.
The £100,000 loan provided by NPIF – BFS and MSIF Microfinance and, delivered by GC Business Finance, will enable the company to boost cashflow as it looks to finalise significant deals with some of the UK’s major airlines.
Minister for the Northern Powerhouse, the Rt Hon Jake Berry MP, said: “Thanks to the Northern Powerhouse Investment Fund, GemDT Ltd can expand its pioneering work in digital technology and the potential it has to revolutionise the aviation, engineering and automotive industries. I’m glad that this company is being supported by GC Business Finance and NPIF to drive their research and innovation while growing their business.”
Steve Evans, owner of GemDT, said: “Securing this funding will play a key role in our expansion plans, providing us with the financial freedom to develop our tech platforms and target future partnerships. We have seen considerable interest for our ‘Digital Twin’ technology from across the manufacturing and engineering sectors, and with the ongoing support of both NPIF and GC Business Finance, we’re confident that we are in an excellent position to maximise our potential.”
Andrew Nichols, Senior Loan Manager at GC Business Finance, said: “GemDT’s innovative ‘Digital Twin’ system has an enormous opportunity to disrupt many of our industrial sectors, providing manufacturers with a more time and cost-efficient way of developing products.
“With Manchester’s history of supporting innovative entrepreneurs, we were proud to provide the vital funding the business needed to expand, with a number of high-profile partnerships already in the pipeline.”
Sue Barnard, Senior Manager at British Business Bank, said: “NPIF continues to provide vital funding to Northern businesses across the region. We are pleased to continue this support, and are proud to work in partnership with GC Business Finance and our other appointed fund managers to make a real impact on business communities, creating jobs and strengthening regional economies to unlock the North’s potential.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The MSIF group of funds are managed by Alliance Fund Managers Limited which is regulated by the Financial Conduct Authority in the course of investment business. Financial Conduct Authority Registration Number is 180891.
BFS Funding Managers Limited is regulated by the Financial Conduct Authority as a Small Authorised UK AIFM under firm reference number 608682.
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