A leading UK provider of secure, integrated IT and communications equipment for government and military use has received a £275,000 Enterprise M3 Trade Finance Loan, enabling the business to take on new contract opportunities and promote further growth.
Farnborough based TriCIS specialises in the design and modification of computing, network and peripheral equipment to the highest-level security requirements. Established in 2017, the company has grown significantly and now offers a wide range of TEMPEST accredited products as well as a range of services providing secure, integrated solutions in the fields of encryption, geo-fencing and remote working. TriCIS’s customers include UK government, MOD and NATO.
The FSE Group has been working with TriCIS since 2017, facilitating investment from its business angel network as well as equity funding from the Enterprise M3 Growth Fund. This new Enterprise M3 loan will permit the delivery of a large new contract in advance of an upcoming equity raise.
Antony Summerfield, TriCIS CEO, said: “As a smaller company, large contracts can be inaccessible because of the level of working capital needed to cover upfront purchasing requirements. Throughout our relationship with FSE they have encouraged us to be brave in innovative R&D to increase and expand our product portfolio. FSE have invested in our potential, as well as support us beyond the financial input to help us create a robust business. We are grateful for this latest facility, which allows us to take on new opportunities that would otherwise be unavailable to us.”
Simon Blackbourn, Investment Manager at The FSE Group, added: “Over the past five years TriCIS has established itself in a market dominated by much larger organisations. Its technical engineering expertise, alongside its first-class design and manufacturing capabilities, has resulted in a strong reputation across the sector. Antony and his team excel in providing both modifications to existing equipment as well as bespoke, R&D driven projects to deliver solutions where identified gaps exist. We are delighted to provide the working capital needed for new contract delivery and look forward to continuing to support the business on its high-growth trajectory.”
Enterprise M3 Joint Managing Director Sue Littlemore said: “Growth in the defence industry is being driven by high innovation technology companies like TriCIS and we are delighted the company is able to make use of our Enterprise M3 Trade Finance Loan to secure a valuable new contract in the defence sector which is so strong in our region.”
“In these uncertain economic times, it is important the LEP continues to play a significant part in helping an innovative, high-tech business like TriCIS win business opportunities and secure jobs in the EM3 area.”
The Enterprise M3 Funding Escalator is a £10million initiative funded by Enterprise M3 LEP. The escalator includes an expansion loan scheme, a short-term trade loan scheme and an equity growth fund and provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.
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