Catapult Venture Managers has committed an investment of £1million to Intellitect Water Holdings, developers of a range of sensor probes that will help the water utilities make substantial operational cost savings.

In addition to the funding, Catapult has introduced Peter Bridge to the company as a Non-Exec director.

Intellitect’s innovative technology will enable the water industry to – for the first time ever – have access to ‘real-time’ online monitoring of water quality within their network distribution pipes and measure chlorine without the need for chemicals or membranes.

Intellitect, which runs its sales operation from Worcestershire, claims that its technology will enable substantial savings to be made on water testing evaluation at a time when the water utilities are searching for operational improvements due to price capping from the Water regulator (OFWAT).

Ray Harris, Investment Director with Catapult, commented: “The Intellitect devices are currently being trialed with a number of large water utilities and the feedback is very positive.  The UK market for its products is estimated to be worth around £200m and £3bn worldwide.

“The company has a very strong management team led by CEO Tony Halker and includes Chairman Roy Pointer, former CEO of Anglian Water; and Non-Exec Director Bob Baty, a former CEO of South West Water.”

Tony Halker, commenting on future plans for the company said: “We are very pleased to welcome Catapult as a new and major shareholder. This investment is part of a £2.0 million fund raising that includes investment by our existing major shareholders, Credit Suisse and Pemberstone Group. The investment will enable the business to further increase production capability while increasing sales coverage on a global basis.”

Ray Harris added: “Early sales indicate water companies are becoming increasingly aware of the product ranges potential ability to help them achieve significant operational cost savings, as well as demonstrate to OFWAT that they are taking a pro-active approach to water monitoring. The core sensor is based around the measurement of chlorine, although the sensor housing has continued to be developed to measure up to 12 different parameters.”

Mark Reynolds, Investment Director with Pemberstone Group, added: “Having provided Intellitect Water with early stage funding, we have been very pleased to see the business develop and with its growth to date.  Pemberstone is delighted to continue that support and to provide further funding, whilst welcoming Catapult as a new investor in the business.”

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For further information please contact Ray Harris at Catapult Venture Managers on 0121 616 0180 or 07905 349742; or Paul Shrimpton at PSPR Ltd on 0121 354 7311 or 07979 505322.