Southampton based engineering firm Perpetuum Ltd has secured a second round of funding from the national Rail Supply Growth Fund to support its continued domestic and international expansion in the rail industry.
The investment now totalling £3m will see the firm catalyse the development and deployment of its innovative rail condition monitoring system and increase its capacity, workforce and client base while maintaining its position as a leading global supplier.
Innovative Perpetuum’s self-powered wireless system – the first of its kind in the world - helps clients to improve the reliability and safety of rail delivery and dramatically reduce operational and maintenance costs through the unique gathering of data. Utilising specially designed wireless sensors, the system continuously monitors and reports the condition of key functions such as wheels, bearings and gearboxes, as well as the state of the track and passenger ride quality. Through Perpetuum’s intelligent interpretation of real time data it can ensure that its clients can react quickly to actual and developing problems from the data presented to them. Through converting the vibrations from trains into energy, the system is entirely self-sustaining, generating significant cost savings against battery and line-based systems, which are more expensive to install and maintain.
Founded in 2004 as a spin-out of Southampton University, Perpetuum has grown rapidly, and has delivered work for a range of national and international clients including ScotRail, Great Northern, Southeastern Railways, SJ Swedish railways and Transport for New South Wales
The investment from the Rail Supply Growth Fund will support the business’s continued involvement in research and development, increasing capacity and allowing it to seize emerging opportunities in the global rail market. To cater for its expansion plans, 32 new knowledge-intensive jobs have been created, taking Perpetuum’s current workforce to 60.
Steve Turley, Chief Executive Officer at Perpetuum, said:
“At Perpetuum we’re focused on revolutionising the rail industry by helping clients to improve performance and efficiency, minimise disruptions and deliver seamless passenger experiences, while also benefiting from significant cost savings. Over the past few years we’ve generated real momentum, with more clients and industry partners recognising the potential of our conditional monitoring technology. This investment from the Rail Fund will help us to maintain this momentum, refine our technology and pursue more business to accelerate growth”.
The national Rail Supply Growth Fund is available to businesses across England, managed by Finance Birmingham and supported by central Government. It provides loans and grant funding to businesses offering services and products that operate in or cross-over into the rail industry.
Jack Glonek, Investment Director at Finance Birmingham, said:
"Perpetuum has an exciting future having developed a product that uses innovative methods to bring much needed new technology to the rail industry on both a national and international basis. Driven by a dynamic management team and supported by a highly skilled and resourceful workforce, it has achieved strong growth and an impressive list of clients. Finance Birmingham was keen to help support financially for its continued success, and we look forward to seeing how the next exciting chapter of Perpetuum’s story unfolds”.