National law firm Shoosmiths has advised Biosite, a Midlands biometric company, on securing £4m of growth capital from Mobeus Equity Partners to further develop a new fingerprint scanning security system.
Solihull based Biosite provides biometric access control and software-based workforce management products which facilitate safe and secure sites for the construction sector. The £4m funding from Mobeus Equity Partners will support the expansion of the Biosite team to facilitate the development of new site-management tools.
Biosite has developed a unique fingerprint algorithm which works with low grade fingerprints, a common feature in the construction industry, to provide access control for workers coming on site. The software allows customers to utilise 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.
Shoosmiths' corporate team was led by partner Alastair Peet with associate Alistair Hammerton and trainee solicitor Mike Nutman assisting. They advised Biosite on all legal aspects of the transaction.
Li Wang, managing director of Biosite, commented: 'This is an exciting time for Biosite and we believe Mobeus is the right funding partner to help Biosite capitalise on the growth opportunities. The team at Shoosmiths have provided us with an excellent legal service that has been efficient and commercially astute.'
Alastair Peet added: 'It has been a pleasure to advise Biosite on securing this significant funding which will help the company realise its growth ambitions. Biosite is an example of the many innovative tech companies in the Midlands and we look forward to working on similar projects in the future.'
Biosite works with a number of the largest construction firms in the UK including Wates, Bouygues, Willmott Dixon and BAM Construction. 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, through a period of significant international growth and a successful trade exit to NASDAQ-listed Trimble.