Growth Fund - Loans & Equity Case Study
ProFound Mining, based in Hinderwell, North Yorkshire, has been providing bespoke software solutions to the mining sector worldwide for 25 years.
ProFound Mining was founded by Peter and Helen Nathan and their offices are adjacent to Cleveland Potash Boulby Mine, one of the UK’s last operating deep level mines, and close to the site of the proposed new York Potash mine. The company’s technology is set to transform the way the mining industry collects and stores data.
Having established its reputation in the mining sector, the company was ready to commercialise its expertise through the development of a suite of software products.
Finance Yorkshire Involvement
A Finance Yorkshire Equity Linked Investment was used to employ three additional programmers and a sales manager to bring the products to market, taking the number of jobs at the company from three to seven. “We are developing a whole range of applications which will change the way that mining companies deal with data,” said Peter.
The Investment Rationale
Andrew Burton, Finance Yorkshire Investment Director, said: “Peter has brought years of experience in software applications to bear on the development of his business. Our investment will enable the company to move ahead with its commercialisation strategy which will allow the mining industry worldwide to benefit from modern software practices.”
One of ProFound’s applications – pro-HSE – enables not just mining companies but any company in the manufacturing, construction and quarrying industries to manage safety data that is highly personal to each of the people they employ.
Peter said: “The data is logged by individual and includes safety in the workplace, incident, accident, training, risk assessment and compliance audit information. This means companies can be much more efficient and accurate in the way they record and measure their data.”
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire