Foresight Group (Foresight), an independent infrastructure and private equity investment manager, is pleased to announce a GBP500,000 growth capital investment into Novel Technologies Holding Limited (NTH), developers of antimicrobial technology SILVERbac. This is the third investment made by the GBP20 million Foresight Scottish Growth Fund which is financed by the Scottish Growth Scheme through a combination of Scottish Government funds and the European Regional Development Fund (ERDF), and is part of a wider GBP2.1 million funding round for NTH.
Glasgow-based NTH was established in 2017 by inventor Zahir Ahmed and David Evans, a successful life sciences entrepreneur with a wealth of sector experience. Evans identified the commercial potential of SILVERbac technology and assembled a team of industry experts to assist Ahmed in raising capital and commercialising the technology. Ahmed’s 25 years’ experience in textile development is complemented by CEO Jud Lusk’s 33 years’ experience in developing and commercialising textiles across global markets, while Executive Chair, Stewart White, was previously CEO of two life science companies quoted on AIM.
Hugh Minnock, Senior Investment Manager at Foresight, says: “We are excited to back the NTH team as they progress with the commercialisation of their pioneering SILVERbac technology. The inherent, eco-friendly antimicrobial technology is well-aligned with Foresight’s mission to invest for a smarter future.”
Dr Stewart White, Executive Chairman of NTH, says: “I am pleased to welcome our new investors to NTH at a time when the company is poised for growth. We look forward to an exciting future enabled by the support provided by both existing and new investors in this funding round.”
SILVERbac is the first technology to infuse fabrics with silver, as other products only coat with silver. Silver is a natural antibacterial and can be used to inhibit disease, odour and staining. The technology has strong appeal in sectors where bacteria are common. Examples include healthcare, where SILVERbac helps to combat pathogens such as E. coli and MRSA; activewear, where bacteria contained within sweat can cause discoloration or malodour; and hospitals and other sites where protection is needed against micro-organisms including norovirus. Unlike other treatments, SILVERbac does not leach out of products, allowing consumers to wash the fabrics at lower temperatures and with fewer chemicals. In addition, the company is moving rapidly into new markets including paints, coatings and oral healthcare.
Foresight’s investment will be used to bring the SILVERbac technology, and any future technologies developed by the team, to market through a development, supply and licensing model.