Business angel syndicate Equity Gap led the deal alongside venture capital firm Par Equity, US syndicate Aero-Den and the Scottish Investment Bank. The company will use the funding to increase capacity at its manufacturing facility in Gracemount, Edinburgh and expand its customer base.
The investment has created five new skilled manufacturing jobs that have been filled by individuals previously employed in the oil and gas supply chain, and the company plans to expand the workforce further.
Vert Rotors’ newest members of staff were previously employed in companies supplying the oil and gas industry, and which had to scale back due to difficulties in that sector.
Vert Rotors was founded by Olly Dmitriev in 2013 and produces ultra compact low-vibration gas compressors based on a novel technology. They are designed for aerospace, medical and other applications where vibration and noise are not acceptable, and dimensions and weight are mission-critical.
MD Olly Dmitriev said: “This investment brings valuable highly skilled manufacturing jobs to Edinburgh and allows Vert Rotors to increase our sales outreach. Our products are fully manufactured in Scotland and exported to Europe and the USA. We look forward to scaling up our operations following this investment.”
Jock Millican of Equity Gap said: “Vert Rotors has potential to disrupt the established marketplace significantly with its high quality products. Olly has an excellent track record in business and has a clear vision for the future of the company. We look forward to working with Vert Rotors as they develop their sales pipeline and manufacturing in Edinburgh.”
Paul Atkinson, partner in Par Equity, said: ”This is an exciting investment for Par Equity, backing an outstanding entrepreneur to deliver game-changing technology with global market potential. Vert Rotors is already developing into another Par Equity case study, with hands-on involvement by Par Equity investors in exploring potential new applications for the company’s products. We look forward to Olly and his team building on their excellent early sales traction and growing a company of real scale.”
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