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23 April 2013

Power Vision sets its sights on growth with The North West Fund

"The support from The North West Fund for Venture Capital has enabled us to fuel business growth"

Power Vision main

Chief executive of Power Vision, Tony Williams

Optical coating specialist Power Vision is on track with its ambitious growth plans after a sevenfold increase in sales in 12 months following investment from The North West Fund for Venture Capital, managed by Enterprise Ventures.

Crewe-based Power Vision secured £500,000 from The North West Fund for Venture Capital in August 2011. It has seen sales increase significantly from £111,000 in the 16 months to December 2011 to £821,000 a year later.

The company was founded in 2010 and develops specialist equipment which applies anti-reflective coatings to spectacle lenses. The technology is aimed at optical retailers, offering a one-hour turnaround time for glasses at the point of sale. Clients include Vision-Ease Lens, a major US manufacturer of ophthalmic lenses.

Since the funding from The North West Fund for Venture Capital, Power Vision has taken on six additional staff in sales, research, production and engineering. The company has sold several systems in North America and is currently in discussions with potential clients from Asia, South America and Europe.

Tony Williams, chief executive at Power Vision, said: "The support from The North West Fund for Venture Capital has enabled us to fuel business growth and scale up production to satisfy the growing demand from our customers. The funding has also allowed us to put the necessary marketing collateral in place to establish the Power Vision product worldwide."

Will Clark, investment director at The North West Fund for Venture Capital, managed by Enterprise Ventures, said: "The growth achieved by the team at Power Vision has been really impressive. Our investment has accelerated the firm's sales and enhanced its manufacturing capability in the North West region.

"The firm has already made a great stride in securing a license deal with Vision Ease in the US and we aim to secure a number of other contracts in international markets further down the line." 

For more information about how you may be able to access funding for your new business please visit http://www.thenorthwestfund.co.uk/funds/venture-capital




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