Virtualstock, a chain automation company, has raised $6m (£4.5m) in a round led by Notion Capital.
Based in Reading and founded in 2004, Virtualstock is currently focused on the retail and healthcare sectors but is looking to broaden its offering.
Bootstrapped to date, the team are credited with having built a “multi-million-pound revenue business on scarce resources”.
Stephen Chandler, managing partner at Notion Capital, said in a statement: “Founders Tim Ingham (product) and Ed Bradley (sales) brought in ex Samsung and Cambridge Technology Partners executive Andrew Mills as CEO a couple of years ago and he has built upon their vision, expanding the leadership team and developing a number of high-potential commercial partnerships. Lots still to do but the business feels poised for scale and we look forward to helping them on the next chapter of their journey.”
The company is also looking to expand to the US and grow its team over the coming months.
Speaking to The Telegraph, Mills said: “One of our keys aims is to break into the US market in the coming months.
“The investment will also allow the company to more than double in size over the next 12 months and our focus is to grow the company using UK resources.”
The news comes after Notion Capital closed a $220m fund to invest in technology firms.
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