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Mobeus Equity Partners has provided £4m of growth capital to Biosite, a provider of biometric access control and software-based workforce management products for the construction sector.
Biosite, which is based in the Midlands and was founded in 2010, is led by Managing Director Dr Li Wang and Research Director Dr Greg Reynolds. Biosite has developed a fingerprint algorithm which works with low grade fingerprints (a feature of the construction industry) to provide access control for workers coming on site. Around this, Biosite has developed a software system that allows customers to use the data collected from the access control platform to manage their workforce as well as providing broader security services including integrated CCTV, fire alarms and guarding.
Biosite works with a number of construction firms in the UK including Wates, Bouygues, Willmott Dixon and BAM Construction. As well as providing efficiency savings, Biosite assists its customers to meet safety and compliance requirements. The investment will support the expansion of the Biosite team to facilitate the development of new site-management tools which will enable site managers to oversee all aspects of a construction project under their control.
Mobeus has introduced Mark Roberts, former CEO of CSC, as non-executive Chairman. Roberts led private-equity backed CSC, which provided software to structural engineers.
Amit Hindocha from Mobeus, who will join the board of Biosite, said: “We are delighted to be partnering with Li and Greg. They have done an excellent job in establishing Biosite as one of the leading workforce management platforms in the construction industry and our funding will provide them with the capital needed to become the site management tool for the industry.”
Li Wang, pictured, MD of Biosite, said: “This is an exciting time for Biosite; we had a number of investment offers, but in Mobeus we believe we have found the right partner. We are looking forward to working together to capitalise on our growth opportunities.”
Established in 2010, Solihull-based Biosite employs over 50 people. Biosite provides systems to over 500 construction sites across the UK and has framework and supply chain agreements in place with construction companies including: Wates Group, Bouygues UK, Willmott Dixon, Berkeley St George and Quadrant Construction.