A South West tech firm has received funding of £600,000 as it continues to grow.
Bristol-based Rowden Technologies specialises in end-to-end design and implementation of network-based systems for distributed computing and sensor processing, providing a strategic advantage to front-line government agencies.
Founded in 2016, Rowden Technologies now employs a team of 80 specialists and plans to grow its team to 250 and triple turnover within the next three years. Due to a "surge in demand for its highly specialised solutions", the business sought support from Lloyds Bank to help it achieve this plan.
Read more: Business confidence in the South West remains high according to latest Lloyds research
Rob Harper, chief executive at Rowden Technologies, said: “As the business enters a period of rapid growth, our main priority is scaling across all our specialisms to provide a fast and flexible approach for the design and delivery of cutting edge technology solutions to our growing client base.
“The support from Lloyds Bank and in particular recent funding from their Growth & Structured Finance Team means that we can meet the increasing demand for critical technology infrastructure both in the UK and further afield.”
Steven Knight, director of SME growth and structured finance at Lloyds Bank, added: “It is fantastic to be able to support innovative, fast growing business like Rowden Technologies to achieve important milestones in their growth journey.
"Providing bespoke funding is precisely what the Growth & Structured Finance proposition seeks to do. Lloyds Bank’s investment in this new team to deliver this specialist funding builds on our longstanding commitment to deliver relationship-led, through the economic cycle support to SMEs by being by the side of business.”
Read next:
Cornwall firm developing offshore wind turbine platform lands US investment
Burrington Business Parks rebrands ahead of ambitious growth plans
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
