An innovator in advanced surface processing technology, TextureJet Limited, has secured a six figure debt funding package from the Midlands Engine Investment Fund II through appointed fund manager for the East and South East Midlands, Maven Capital Partners.
Founded in 2019 as a spin-out from the University of Nottingham, TextureJet is changing the way metal surfaces are processed with its eco-friendly technology. Its patented system uses a precise jet process for edge shaping, surface preparation and part marking metal components.
Its core product, the Stat platform, is a portable, modular system that can be customised for robotic, multi-axis, or handheld use, enabling high-precision metal finishing. The Stat platform supports a number of industries, including aerospace, defence, automotive, energy and healthcare.
The loan from the Midlands Engine Investment Fund II, along with additional equity investment from existing investor Foresight, who previously backed the business through the first Midlands Engine Investment Fund in 2022, will enable TextureJet to scale its production capabilities in support of several significant new contract wins.
The funding will also accelerate product development, particularly the completion of its 5-axis deburring machine for customer trials. In addition, the investment will allow TextureJet to increase inventory of its Stat systems for on-site demonstrations, participate in industry trade shows, and expand its marketing and technical sales teams to drive commercial growth.
Jonathon Mitchell-Smith, CEO, Texture Jet, said: “This funding from the Midlands Engine Investment Fund II via Maven comes at a critical point in our journey. It allows us to significantly increase production capacity, deliver on major new customer contracts, and bring our next-generation 5-axis system to market.
“We’re proud to be building breakthrough technology right here in the Midlands, and this support enables us to scale our impact across global manufacturing sectors looking for cleaner, smarter, and more precise surface processing solutions.”
Jonathan Lowe, partner, Regional Debt Funds, Maven, said: “TextureJet is delivering a tooling platform with world leading capability, and we’re pleased to back Jonathon and the team at such a pivotal point in the company’s growth.
“A real local success story as a spinout of the University of Nottingham’s Faculty of Engineering, all machines are built in-house using suppliers in the Midlands, which is a credit to the materials available and workmanship in the region. We look forward to supporting the business as they accelerate their expansion plans.”
