Software specialist to revolutionise data use in mining industry
A company specialising in software solutions for the mining industry is expanding and creating jobs following a significant investment by Finance Yorkshire.
The founders of ProFound Mining, based in Hinderwell, North Yorkshire, have been providing bespoke software solutions to the mining sector worldwide for 25 years.
The company now plans to commercialise its expertise through the development of a suite of software products. Finance Yorkshire’s Equity Linked Investment will be 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.
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 in the area of the proposed York Potash Mine.
Peter, a qualified civil engineer who hails from South Africa, says the company’s technology will transform the way the mining industry collects and stores data.
“We are developing a whole range of applications which will change the way that mining companies deal with data,” explains Peter. “One of our applications, known as pro-HSE, enables not just mining companies but any company in the manufacturing, construction and quarrying industries to keep data that is highly personal to each of the people they employ.
“The data is logged by individual and includes safety in the workplace, near misses, accidents, training, risk assessment and audit. This means companies can be much more efficient and accurate in the way they record and measure their data.”
ProFound Mining was advised on the deal with Finance Yorkshire by Steve Gledhill of SJG Consulting and by Asad Ali of Blacks Solicitors. Dr David Belford joins the company as Chairman.
Darren Morris, Finance Yorkshire Investment Manager, 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.”
To date, Finance Yorkshire has made 647 investments totalling more than £80 million. Finance Yorkshire Chief Executive Alex McWhirter said: “Investments in companies like ProFound Mining have taken us to a new and significant milestone of £80m invested in businesses across Yorkshire and the Humber and we are on track to fully invest our £90m fund by the end of this year.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from UK Government and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire