An Aberdeen-based business that provides hi-tech surveying and inspection services for the likes of the construction, rail and energy sectors has received a funding boost.
Innovair was founded in 2015 and is said to have experienced “significant growth” since then. The firm is now eyeing Europe, the Middle East and North America as key target areas for expansion.
The firm’s team of chartered surveyors, inspection engineers, aeronautical and mechanical engineers utilise state-of-the-art robotic technology and drones which can operate in increasingly complex and challenging environments.
The firm has been approved for a loan through the Scottish Growth Fund, which will help support its growth plans.
BE Group Debt Finance Scotland is providing Innovair with a business loan which will allow the company to invest in new technology, bring more resource into the business and bolster its marketing efforts.
Stuart Lawson, solutions director at Innovair, said: “This loan is going to help us implement innovative robotic solutions, invest in marketing and generally take our business to the next stage.”
BE Group Debt Finance Scotland manages a £12 million loan fund under the Scottish Growth Scheme, part funded by the European Regional Development Fund (ERDF), which aims to invest in and encourage the growth plans of Scottish SMEs (small and medium-sized enterprsies).
Thomas Brock, fund director for BE Group Debt Finance Scotland, said: “The opportunity to support the growth of an industry pioneer like Innovair is quite special for us.
“The aim of the loan fund is to assist ambitious and innovative SMEs in Scotland that have struggled to get suitable growth funding elsewhere. This is precisely what we were able to do with Innovair.
“We believe that they have a great future ahead of them and are excited to be part of their journey.”
The loans range from £25,000 to £100,000 and can be used for a range of purposes including capital investment, exports, innovation and product development.