Close Ventures the leading Venture Capital Trust Manager, is pleased to announce that it has invested £1.5 million into PSE. Close Ventures has now made 16 investments in 2007 with a total value of £40 million. 11 of these were new investments making up £36 million of the total amount invested.
PSE was founded 10 years ago as a spin out from Imperial College London and is the creator of market leading gPROMS® process modelling software. gPROMS® is used by process industry organisations to increase profitability by maximising product quality and minimising production cost. In addition, it provides a unique and comprehensive set of tools for model-based innovation and the integration of R&D and engineering and helps companies meet essential risk management obligations. For example, PSE helped a chemical company develop their own new high-performance reactor technology, saving $5m in engineering and construction costs for an investment of less than $200,000.
PSE counts over 60 Fortune 500 organisations among its clients, including BP where PSE was instrumental in identifying the reasons for the catastrophic explosion at its Texas City oil refineries. Last month PSE won the prestigious Royal Academy of Engineering MacRobert Award for Innovation in Engineering. Previous winners of the MacRobert award include Rolls Royce (for the Trent jet engine), IBM and Intel.
Robert Whitby-Smith, Close Ventures said: “PSE has created the world’s finest process modelling software and expert consulting team. It has a proven track record in numerous sectors of enabling companies to substantially grow profits through innovation and efficiency enhancements and has a unique tool for process risk management. It has been instrumental in developing processes ranging from oil refining to the optimum temperature to cook crisps, and is working on the technologies of tomorrow, including fuel cells. We are delighted to invest in a UK firm with capital invested by UK retail investors that has the potential to become a very significant global software company.”
Prof. Costas Pantelides, Managing Director of PSE said: “We have successfully created a worldwide market for our products, with 75% of our revenues coming from exports. The funding will provide us with the wherewithal to expand much more rapidly.”