Development Bank of Wales

The Development Bank of Wales is an independent company that provides commercial funding to small and medium-sized enterprises (SMEs) in Wales. It invests private and public funds, including EU funds, across various sectors such as B2B, healthcare, technology, and life sciences.

David Blake

Investment Executive

Mark Bowman

Venture Fund Manager

Bethan Cousins

New Business Director

Rhian Elston

Investment Director and Member of the Investment Committee

Rhodri Evans

Deputy Fund Manager

Carl Griffiths Ph.D

Technology Seed Fund Manager

Chris Griffiths

Technical Investment Director

Carl Griffiths

Technology Seed Fund Manager

Hannah Mallen

Techonology Venture Investment Graduate

Andrew Morris

Investor

Mike Owen

Group Investment Director

Cenydd Rowlands

Property Director

Sarah Smith

Assistant Investment Executive

Nick Stork

Fund Manager

Giles Thorley

CEO and Board Member

Emily Wood

Investment Executive

Past deals in Wales

Tendertec

Seed Round in 2024
Tendertec Limited, founded in 2017 and based in Cardiff, United Kingdom, specializes in developing advanced room sensing technology aimed at enhancing independent living for elderly and vulnerable individuals. The company’s flagship product, Tenderbox, is a safety and monitoring system that empowers care providers to effectively oversee the well-being of at-risk individuals. Utilizing artificial intelligence algorithms, Tenderbox processes data from proprietary sensors to detect emergencies, such as falls, and monitor daily activities and unusual behaviors. The system automatically alerts family members, caregivers, and emergency services in the event of an incident, enabling a timely and effective response. Tendertec is recognized for its innovative approach to personalized and preventative care, having received multiple awards for its contributions to the healthcare sector.

Wagonex

Venture Round in 2022
Wagonex Limited is a UK-based company that specializes in a mobility-as-a-service platform, offering cars on subscription as an alternative to traditional ownership or leasing. Founded in 2016 and headquartered in Cardiff, Wagonex connects car providers with customers through its innovative platform, facilitating flexible contracts ranging from one month to two years. The service includes comprehensive offerings such as car repair, insurance, maintenance, and roadside assistance, allowing clients to enjoy the benefits of vehicle access without the associated responsibilities of ownership. As a pioneer in the UK car subscription market, Wagonex aims to address the common challenges of vehicle ownership by providing a seamless and flexible solution for consumers while enabling fleet partners to effectively manage and monetize their inventory.

SolasCure

Series A in 2021
Founded in 2017, SolasCure is a biotechnology company based in Wales, UK. It specializes in developing innovative hydrogel treatments for patients with chronic wounds. Its flagship product, Aurase, facilitates wound debridement, removing dead or infected tissue to enhance healing.

Space Forge

Seed Round in 2021
Space Forge is a space manufacturing company that develops a reusable satellite designed to produce next-generation super materials in space for return to Earth. The satellite uses the space environment to create alloys and crystals that are not possible to manufacture on Earth, enabling clients to achieve materials with lower energy loss and lighter components for use in computing, telecoms, and pharmaceutical products. The company operates laboratories in Bristol and Wales and focuses on manufacturing advanced metals and materials. Founded in 2018 and based in Bristol, Space Forge aims to enable on-orbit manufacturing that advances material performance for industrial and aerospace applications.

Space Forge

Seed Round in 2020
Space Forge is a space manufacturing company that develops a reusable satellite designed to produce next-generation super materials in space for return to Earth. The satellite uses the space environment to create alloys and crystals that are not possible to manufacture on Earth, enabling clients to achieve materials with lower energy loss and lighter components for use in computing, telecoms, and pharmaceutical products. The company operates laboratories in Bristol and Wales and focuses on manufacturing advanced metals and materials. Founded in 2018 and based in Bristol, Space Forge aims to enable on-orbit manufacturing that advances material performance for industrial and aerospace applications.

Wagonex

Venture Round in 2019
Wagonex Limited is a UK-based company that specializes in a mobility-as-a-service platform, offering cars on subscription as an alternative to traditional ownership or leasing. Founded in 2016 and headquartered in Cardiff, Wagonex connects car providers with customers through its innovative platform, facilitating flexible contracts ranging from one month to two years. The service includes comprehensive offerings such as car repair, insurance, maintenance, and roadside assistance, allowing clients to enjoy the benefits of vehicle access without the associated responsibilities of ownership. As a pioneer in the UK car subscription market, Wagonex aims to address the common challenges of vehicle ownership by providing a seamless and flexible solution for consumers while enabling fleet partners to effectively manage and monetize their inventory.

Bombora wave power

Debt Financing in 2019
Bombora is an ocean energy company founded in 2012 in Perth, Western Australia, with established operations in Pembrokeshire, Wales. The company specializes in wave energy conversion technology through its patented mWave system, which harnesses wave energy to generate clean, renewable electricity. Bombora's technology utilizes pumped air to optimize energy extraction from various wave conditions, making it suitable for commercial-scale energy needs in coastal regions globally. By providing consistent and cost-competitive energy, Bombora aims to contribute positively to environmental sustainability and community well-being.

Clever Chefs

Debt Financing in 2019
Clever Chefs is a Premium caterer which serves truly unique and inspiring local food to weddings & events covering the south of England & Wales. based in Cardiff & Bristol

W2

Series A in 2018
W2 Global Data Solutions Limited is a provider of online screening tools and services designed to facilitate the verification of individuals and organizations. Founded in 2011 and headquartered in Cardiff, United Kingdom, the company offers a range of web-based applications including SAVI, which allows users to access various databases for identity verification, and KYCchecker, which enables real-time ID verification for consumers and corporate clients. Additionally, W2 provides AMLchecker for compliance with European Union Money Laundering Directives, and BSMART, which performs batch screening against multiple data sources, including sanctions lists and criminal watch-lists. The company also features LiveBoat, a tool that ensures data continuity during outages. W2 serves a diverse clientele, including both consumers and corporations, across the UK and internationally.

Oil4Wales

Debt Financing in 2018
Oil 4 Wales is an independent fuel supplier providing a much needed range of services to homes, businesses, commercial premises, agricultural and retail customers throughout Wales.

Talkative

Series A in 2018
Talkative Ltd is a software company based in Newport, United Kingdom, established in 2015. It specializes in real-time customer engagement solutions that enable businesses to connect with their online customers through various communication methods. The company's offerings include voice and video web calling, co-browsing, and web chat, all seamlessly integrated into clients' websites. Talkative's technology is designed to enhance online sales, boost website conversions, generate leads, and improve customer service while also reducing operational costs. By facilitating direct communication with website visitors, Talkative aims to elevate the overall customer experience in a rapidly evolving digital landscape.

ECR Concepts Software

Debt Financing in 2018
ECR Concepts Software Ltd provide high quality EPOS system solutions throughout the UK. Based in Cardiff South Wales, we offer tailor made packages and bespoke EPOS systems at affordable prices. We provide installation, training and support for your business. A one-stop solution for everything EPOS. You can visit our showroom in Cardiff where our friendly team will show you the many solutions to improve and help your business.

Urban Intelligence

Seed Round in 2017
Urban Intelligence is a property technology company that aims to transform the valuation of land and property through innovative technology and data science. It has developed a suite of products to streamline property transactions, notably featuring SiteScore, a sophisticated algorithm that evaluates the sustainability of over 28.7 million land parcels in England and Wales. By considering factors such as planning environment, geography, transport links, and educational facilities, SiteScore generates a tailored score for each site, allowing developers and landowners to assess their development potential effectively. This tool produces comprehensive reports that aggregate crucial data on a site’s sustainability, significantly reducing the time and cost associated with traditional manual reporting. By enabling property developers to quickly identify and focus on the most promising sites, Urban Intelligence enhances decision-making in real estate development.

Bibi Shoes

Debt Financing in 2017
Bibi Shoes is a private retailer based in the United Kingdom, specializing in designer footwear for all members of the family. With retail locations in Cwmbran and Bristol, the company provides an extensive selection of branded footwear, including shoes, sandals, slippers, and heels. In addition to their retail offerings, Bibi Shoes features a professional shoe fitting service, ensuring customers find the perfect fit for their footwear needs. The company also operates a website, allowing customers to access quality footwear conveniently.

Glamorgan Telecom

Venture Round in 2017
Glamorgan Telecom Limited is a prominent provider of telephony solutions and communication services based in Cardiff, United Kingdom. Established in 1993, the company specializes in distributing a range of telecom systems, including VoIP, remote networking, SIP trunks, and mobile integration. It also offers services such as call recording, wireless solutions, hosted services, telephone lines, and data and cloud communications. Serving various sectors, including office, retail, healthcare, and education, Glamorgan Telecom aims to enhance business connectivity and efficiency through its comprehensive offerings. The company operates as a subsidiary of OneCom Limited, further strengthening its position in the communication and connectivity market in Wales and the South West.

W2

Series A in 2017
W2 Global Data Solutions Limited is a provider of online screening tools and services designed to facilitate the verification of individuals and organizations. Founded in 2011 and headquartered in Cardiff, United Kingdom, the company offers a range of web-based applications including SAVI, which allows users to access various databases for identity verification, and KYCchecker, which enables real-time ID verification for consumers and corporate clients. Additionally, W2 provides AMLchecker for compliance with European Union Money Laundering Directives, and BSMART, which performs batch screening against multiple data sources, including sanctions lists and criminal watch-lists. The company also features LiveBoat, a tool that ensures data continuity during outages. W2 serves a diverse clientele, including both consumers and corporations, across the UK and internationally.

Cellesce

Venture Round in 2017
Cellesce Ltd is a biochemical engineering company located in Cardiff, UK, specializing in cell expansion focused on organoids. The company provides bioprocessing technology and engineering services aimed at drug discovery and organ-on-a-chip applications. Cellesce is known for its expertise in the development, scale-up, and manufacture of patient-derived organoids, utilizing proprietary bioprocesses and bioreactors. These technologies allow for the expansion of both normal and cancer patient-derived organoids for various applications, including drug screening. Cellesce employs in-line sensors and real-time monitoring to ensure precise culture conditions, enhance yield, control organoid size, and minimize variability across different batches and users, ultimately supporting healthcare professionals in drug efficacy testing.

Mainstay Marine Solutions

Debt Financing in 2016
Mainstay Marine Solutions specializes in the design and construction of workboats, leveraging over 30 years of expertise in boat building. Located in Pembroke Dock, South Wales, the company is recognized for its high-quality craftsmanship and commitment to producing exceptional Welsh products for a global clientele. Mainstay Marine Solutions offers a comprehensive range of services, including new workboat construction, refits, maintenance, and repairs, ensuring that clients receive thorough support throughout the lifecycle of their vessels. The company is dedicated to meeting critical deadlines with precision, maximizing the operational time of vessels and associated infrastructure while prioritizing safety and efficiency.

Talkative

Seed Round in 2016
Talkative Ltd is a software company based in Newport, United Kingdom, established in 2015. It specializes in real-time customer engagement solutions that enable businesses to connect with their online customers through various communication methods. The company's offerings include voice and video web calling, co-browsing, and web chat, all seamlessly integrated into clients' websites. Talkative's technology is designed to enhance online sales, boost website conversions, generate leads, and improve customer service while also reducing operational costs. By facilitating direct communication with website visitors, Talkative aims to elevate the overall customer experience in a rapidly evolving digital landscape.

Jistcourt

Debt Financing in 2016
Jistcourt South Wales Limited is a construction company based in Baglan, Port Talbot, United Kingdom, established in 1980. It specializes in providing building contracting and civil engineering services throughout South Wales. The company focuses on design and build, refurbishment, and repair projects, catering primarily to social landlords, local authorities, and various sectors including education, healthcare, and commercial and industrial developments. Jistcourt's expertise encompasses architectural engineering and technical building services, enabling clients to develop and maintain durable structures that meet diverse community needs.

Stratium

Seed Round in 2016
Stratium Limited is a manufacturer of mid-infrared quantum cascade lasers (QCL) based in Cardiff, United Kingdom. Established in 2015, the company specializes in providing compound semiconductor lasers to original equipment manufacturers (OEM) for various commercial applications. Stratium's QCLs support critical functions in environmental monitoring, vehicle emission tracking, vehicle collision avoidance, breath diagnostics, and petrochemical process oversight. The lasers are designed to deliver precise mid-infrared emissions essential for advanced gas analysis, utilizing innovative wavelength selection technology that enhances their compactness, stability, and performance. These features make Stratium's products suitable for sensitive detection of molecular species employing techniques such as cavity ring-down spectroscopy, cavity enhanced absorption spectrometry, and photoacoustic spectroscopy, enabling clients to effectively monitor airborne substances.

Seren Photonics

Venture Round in 2015
Seren Photonics Limited specializes in the development and manufacture of semi-polar and non-polar Gallium Nitride (GaN) templates, which are essential for light-emitting diodes (LEDs), lasers, vertical-cavity surface-emitting lasers (VCSELs), and power switches. Based in Bridgend, United Kingdom, the company employs a proprietary manufacturing process to produce these templates, specifically growing semi-polar GaN on m-plane sapphire and non-polar GaN on r-plane sapphire. Their innovative technology significantly enhances light intensity in high-brightness LEDs, achieving increases in light generation ranging from 100% to 900% compared to untreated diodes. Founded in 2009, Seren Photonics has positioned itself to serve various lighting markets, including backlighting for laptops and televisions, signage, and architectural lighting. As of November 2016, it operates as a subsidiary of Fusion IP Sheffield Limited.

Creo Medical

Venture Round in 2015
Creo Medical Limited is a medical device manufacturer based in Chepstow, South Wales, specializing in the research and development of electrosurgical devices for surgical endoscopy. Established in 2003 and originally known as MicroOncology Ltd, the company focuses on innovative technologies that enhance surgical procedures. One of its key products is the Speedboat RS2, which integrates bipolar radiofrequency and microwave energy into a single platform for various applications, including tissue dissection, resection, ablation, and coagulation. Creo Medical operates from a modern facility equipped with controlled manufacturing areas, including a Class 6 Cleanroom, to support its research and development efforts.

Nuvias UC

Venture Round in 2015
Nuvias UC, through its subsidiary Siphon Networks Ltd., specializes in the design, supply, delivery, and integration of advanced unified communications technology. The company provides a comprehensive range of hosted unified communication solutions that combine video, fax, voice, and email services, including IP PBX and trunking solutions. Its product offerings encompass session border controllers, softphone applications, video conferencing solutions, and fraud detection systems, among others. Nuvias UC focuses on serving enterprises, service providers, and third-party developers across Europe. The company also offers a variety of services such as technical consultancy, software upgrades, and managed support, ensuring successful integration and delivery of innovative communication solutions. Established in 2008 and headquartered in Cwmbran, United Kingdom, Nuvias UC has a strong operational presence, including a sales office in London and a network operations center in Monmouthshire.

Creo Medical

Venture Round in 2014
Creo Medical Limited is a medical device manufacturer based in Chepstow, South Wales, specializing in the research and development of electrosurgical devices for surgical endoscopy. Established in 2003 and originally known as MicroOncology Ltd, the company focuses on innovative technologies that enhance surgical procedures. One of its key products is the Speedboat RS2, which integrates bipolar radiofrequency and microwave energy into a single platform for various applications, including tissue dissection, resection, ablation, and coagulation. Creo Medical operates from a modern facility equipped with controlled manufacturing areas, including a Class 6 Cleanroom, to support its research and development efforts.

Seren Photonics

Venture Round in 2014
Seren Photonics Limited specializes in the development and manufacture of semi-polar and non-polar Gallium Nitride (GaN) templates, which are essential for light-emitting diodes (LEDs), lasers, vertical-cavity surface-emitting lasers (VCSELs), and power switches. Based in Bridgend, United Kingdom, the company employs a proprietary manufacturing process to produce these templates, specifically growing semi-polar GaN on m-plane sapphire and non-polar GaN on r-plane sapphire. Their innovative technology significantly enhances light intensity in high-brightness LEDs, achieving increases in light generation ranging from 100% to 900% compared to untreated diodes. Founded in 2009, Seren Photonics has positioned itself to serve various lighting markets, including backlighting for laptops and televisions, signage, and architectural lighting. As of November 2016, it operates as a subsidiary of Fusion IP Sheffield Limited.

Acuitas Medical

Venture Round in 2013
Acuitas Medical Ltd is a company that develops and commercializes Fine Structure Analysis (fineSA), a magnetic resonance-based diagnostic technique designed for the in-vivo characterization of anatomical structures at a fine scale. The fineSA software addresses specific clinical imaging challenges and is particularly effective in applications related to bone diseases, such as osteoporosis, and liver fibrosis. The technology leverages the advantages of MRI, including high specificity, favorable signal-to-noise ratios, and the absence of radiation exposure. Founded in 2006 and originally named OsteoTronix Ltd, the company rebranded to Acuitas Medical Ltd in July 2010. It is headquartered in Swansea, United Kingdom, and focuses on advancing the diagnosis of various significant health conditions, including organ fibrosis and cancer.

Creo Medical

Series A in 2012
Creo Medical Limited is a medical device manufacturer based in Chepstow, South Wales, specializing in the research and development of electrosurgical devices for surgical endoscopy. Established in 2003 and originally known as MicroOncology Ltd, the company focuses on innovative technologies that enhance surgical procedures. One of its key products is the Speedboat RS2, which integrates bipolar radiofrequency and microwave energy into a single platform for various applications, including tissue dissection, resection, ablation, and coagulation. Creo Medical operates from a modern facility equipped with controlled manufacturing areas, including a Class 6 Cleanroom, to support its research and development efforts.

Viscose Closures

Venture Round in 2012
Viscose Closures Ltd. is a packaging manufacturer based in Swansea, United Kingdom, founded in 1892. The company specializes in producing a wide range of primary and secondary closures, including shrink sleeves, corks, sports caps, flat caps, crown corks, aluminum closures, and plastic caps. Viscose Closures is recognized for its pilfer-proof and tamper-evident solutions, catering to various markets such as beverages, cosmetics, pharmaceuticals, food, personal care, and household products. The company aims to provide responsive and flexible services to enhance its customers' productivity while ensuring the integrity and safety of their packaging.

Acuitas Medical

Seed Round in 2011
Acuitas Medical Ltd is a company that develops and commercializes Fine Structure Analysis (fineSA), a magnetic resonance-based diagnostic technique designed for the in-vivo characterization of anatomical structures at a fine scale. The fineSA software addresses specific clinical imaging challenges and is particularly effective in applications related to bone diseases, such as osteoporosis, and liver fibrosis. The technology leverages the advantages of MRI, including high specificity, favorable signal-to-noise ratios, and the absence of radiation exposure. Founded in 2006 and originally named OsteoTronix Ltd, the company rebranded to Acuitas Medical Ltd in July 2010. It is headquartered in Swansea, United Kingdom, and focuses on advancing the diagnosis of various significant health conditions, including organ fibrosis and cancer.

Acuitas Medical

Funding Round in 2010
Acuitas Medical Ltd is a company that develops and commercializes Fine Structure Analysis (fineSA), a magnetic resonance-based diagnostic technique designed for the in-vivo characterization of anatomical structures at a fine scale. The fineSA software addresses specific clinical imaging challenges and is particularly effective in applications related to bone diseases, such as osteoporosis, and liver fibrosis. The technology leverages the advantages of MRI, including high specificity, favorable signal-to-noise ratios, and the absence of radiation exposure. Founded in 2006 and originally named OsteoTronix Ltd, the company rebranded to Acuitas Medical Ltd in July 2010. It is headquartered in Swansea, United Kingdom, and focuses on advancing the diagnosis of various significant health conditions, including organ fibrosis and cancer.

Altech Software

Venture Round in 2010
Altech Software Limited specializes in designing and developing software products tailored for the food industry. Its product offerings include VisionTQM, a food safety management software module; VisionMobile, a wireless data collection system; VisionPDM, which manages product specifications, recipe development, nutritional data, costing, labeling, and allergen content; VisionAQL, a tool for quality control management; and VisionADC, a real-time data collection software for manufacturing processes that require automated quality and safety monitoring. The company also provides food safety and HACCP consultation, training, and auditing services, alongside management consultancy focused on quality assurance and control. This includes supplier management, process control, and strategic corporate management enhancement. Additionally, Altech Software offers information technology management consultancy, assisting with the selection and implementation of enterprise resource planning and other technical systems, as well as general management services. Established in 2005, Altech Software is headquartered in Cwmbran, United Kingdom.

Ocelus

Series B in 2010
Ocelus Ltd is an early stage speciality pharmaceutical company, developing and commercialising the microimplant drug delivery system conceived by Dr Andrew Kirby. Founded in late 2007, Ocelus Ltd is based in South Wales, UK, Ocelus Ltd has been awarded two Welsh Assembly Government innovation grants, and has attracted venture capital funding from Finance Wales.

Diurnal

Grant in 2009
Diurnal Group plc is a specialty pharmaceutical company based in Cardiff, United Kingdom, that specializes in developing hormone therapeutics for the treatment of chronic endocrine conditions. Founded in 2004, the company aims to provide innovative solutions for conditions such as congenital adrenal hyperplasia, adrenal insufficiency, hypogonadism, and hypothyroidism. Diurnal's notable products include Alkindi, a replacement therapy for pediatric adrenal insufficiency, and Chronocort, which has completed Phase III clinical trials for adrenal insufficiency and congenital adrenal hyperplasia. The company is also advancing its early-stage pipeline with products such as Native Oral Testosterone for hypogonadism, a siRNA therapy for adrenocorticotropin-dependent Cushing's syndrome, and a modified-release preparation of T3 hormone for hypothyroidism. Diurnal's research emphasizes circadian-based endocrinology, focusing on physiological treatment regimes to address the needs of patients with rare and chronic endocrine disorders.

Node Management

Venture Round in 2005
Node Management is a software and multi-media business, recently moved from Wales to Bristol.
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