ievo secures £150,000 early-stage investment from Northstar ventures

The Finance for Business North East Accelerator Fund holds £20m and is part of the £125m Finance for Business North East Fund. The fund is managed by Northstar Ventures. Its investors include the European Investment Bank, One North East and the European Regional Development Fund.

The £150,000 invested in ievo consists of 50% of debt and 50% in convertible debt.

Northstar Ventures has previously invested the same amount in May of 2010 and March 2011.

Company
iEvo is a Killingworth-based developer and producer of biometric security equipment. The company's first product, the 'Ultimate', was an improved fingerprint scanner, equipped to read up to 8,000 unique prints in extreme weather conditions. 

IEvo's new product, the 'Micro', is a smaller version of the above product. It uses nine different wave lengths to scan 4mm below the skin's surface, which makes it functional for wet or dirty hands and thin latex gloves.

People
Rebecca Crawford led the deal on behalf of Northstar Ventures. Shaun Oakes is managing director of iEvo. 

Advisers
Equity – Watson Burton (Legal).
Company – Sintons (Legal). 

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