A SCOTS tech business has successfully secured a £500,000 loan from the British Business Bank’s Investment Fund for Scotland.
Obtained via fund manager The FSE Group, the funding will enable Ailsa Reliability Solutions to expand its workforce, enhance software capabilities, and meet demand for its asset and plant monitoring services.
Ailsa Reliability Solutions has established itself as a provider of bespoke connected solutions that enable engineers to monitor the condition of equipment and machinery, improving reliability and predictive maintenance.
Ailsa Reliability operates across sectors such as oil and gas, pharmaceuticals, manufacturing, and renewable energy and aims to help clients reduce unplanned downtime, increase operational efficiencies and reduce wasted energy.
With plans to create 10 high-quality new jobs and invest in software development, the funding will enable Ailsa Reliability to boost operational capacity and capitalise on increased customer interest.
Jamie Burns, founder and managing director of Ailsa Reliability Solutions, said: “We are delighted to receive this investment, which will help drive the company towards our vision of becoming a globally recognised brand for helping clients save money and become more planet positive in their operations.
“As an early-stage business it is refreshing to find a lender that is able to focus on our significant potential for growth, helping us grow our team and continue delivering through innovation and client-centric solutions.”
Jim Pritchard, investment manager at The FSE Group, commented: “Ailsa Reliability’s robust pipeline coupled with its understanding of the market and clear vision for the future, presented a compelling case for investment.
“We are excited to support the team’s expansion plans, which are built on solid financial forecasts and a proven track record of delivering significant savings and efficiencies to their clients.”
Sarah Newbould, senior investment manager, nations and regions investment funds, at the British Business Bank, said: “Scotland has a proud history of engineering and manufacturing, with next generation connected technology playing an important role in future proofing the sector.
“The Investment Fund for Scotland was established to help entrepreneurs all over Scotland access the funding they require to develop and thrive, and Ailsa Reliability Solutions is in a great position to support firms to save energy and minimise downtime.”
The purpose of the Investment fund for Scotland is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Scotland.
The fund will increase the supply and diversity of early-stage finance for smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
