Rail data analytics technology developer Perpetuum has added Rail Supply Growth Fund to a group of shareholders that already includes IP Group and Parkwalk Advisors.

Perpetuum, a UK-based rail data analytics technology spinout from University of Southampton, has received £2m ($3.9m) in funding from the UK government-backed Rail Supply Growth Fund, according to Insider Media. Rail Supply Growth Fund is managed on the government’s behalf by Finance Birmingham, a fund manager owned by Birmingham City Council. Founded in 2004, Perpetuum has created a rail condition monitoring system which deploys on-track sensors to help operators assess the calibre of their services based on parameters including the condition of wheels or gearboxes. Perpetuum will put the capital towards expanding its team, capacity and client base as it continues to roll-out its system to the market. It has already provided the technology to rail service operators including Govia, Metro Trains Melbourne and GVB Amsterdam. Perpetuum had raised $9m in funding by 2006, including $3.8m secured in a round in February that year led by VC firm Quester, with participation from Top Technology Ventures, a venture capital firm owned by commercialisation firm IP Group, and Sulis. EU-backed VC vehicle ETF Partners led Perpetuum’s $10m series B round in 2007 with participation from Top Technology Ventures, a venture capital firm owned by commercialisation firm IP Group, and VC firm Quester. Fund manager Parkwalk Advisors participated in a round of undisclosed size in 2014 through its Parkwalk UK Tech Fund V, Opportunities Fund and a Parkwalk Syndicate, before returning in 2016 with the Opportunities EIS Fund to back another round of undisclosed size alongside IP Group and ETF Partners.

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