News

Success stories - view case studies of companies that have successfully raised funds through OION.

View details of OION's Next Investment Meeting

Back to news item list.

Press releases — 28 March 2003

TELEGNOMIC, DATA CAPTURE COMPANY, RAISES £250,000 TO FUND GLOBAL GROWTH PLANS

Telegnomic, a leading provider of physical data capture, visualisation and optimisation software, today announced that, as part of its larger financing activity, it has closed a further £250,000 of funding, through The Oxfordshire Investment Opportunity Network (OION), Europe's most successful business angel network.

Telegnomic's unique Asset Intelligence System (AIS) allows businesses to access real-time data from physical assets anywhere in the world. The System captures and transmits physical data from the remotest locations to Telegnomic's data centre. The information is then analysed and made available to management users in a range of formats tailored to their requirements. The System is currently used by Telegnomic's substantial client base in the petrochemicals industry, including Shell, BP and ChevronTexaco. It lets the oil companies improve production yield and reduce downtime by analysing up to the minute readings taken on oil rigs. It also identifies the onset and cause of production problems so that the companies can be alerted to potential problems in advance.

In the Agribusiness sector, Telegnomic is working with the third largest food producer in the world - Maple Leaf Foods, Inc. Maple Leaf is using AIS technology in its pork production division to increase pork production and reduce costs by analysing activities in remote production facilities to deliver benefits in key areas such as live weight gain and feed conversion.

Patrick Newton, CEO of Telegnomic, said:

"We have already secured contracts from major international companies, which clearly demonstrate that Telegnomic is meeting their needs for scalable data acquisition systems. The tranche of funding, raised through The Oxfordshire Investment Opportunity Network (OION), has allowed us to bid for key contracts so that we can position Telegnomic as a leading global provider of scalable asset intelligence systems. Our technology has a wide range of applications across several industries as it enables companies to turn everyday data into a core business intelligence tool, helping them to lower costs, reduce risk, raise performance and increase enterprise value. This funding from OION will support the further development of Telegnomic's technologies and sales growth into our key industry vertical markets including PetroChemicals, Utilities, and Agribusiness."

Alastair Cavanagh, Manager of OION, said:

"The Oxfordshire Investment Opportunity Network (OION) specialises in helping innovative technology companies to raise finance of up to £2M to expand and develop into profitable businesses. In Telegnomic's case our investors were excited by their technology that brings real benefits to a wide range of corporations. They invested as a syndicate of private investors. Syndicated investments are an increasing trend, especially through OION, as they enable the investor members to pool their resources and bring a variety of experience to assess the business proposal. Syndicated investments are just as advantageous for the investee company, which may receive a larger sum and also gain access to a wider range of valuable business contacts. We look forward to following Telegnomic's progress as the applications of its technology increase."

Press Release Ends

NOTES FOR EDITORS

Press enquiries to: Margaret Henry, OION PR Manager.
Tel: +44 (0)1865 811199  E-mail: Margaret Henry

  1. ABOUT OXFORDSHIRE INVESTMENT OPPORTUNITY NETWORK (OION) www.oion.co.uk

    Oxfordshire Investment Opportunity Network is Europe’s most successful technology business angel network that links investors with entrepreneurs seeking business development funds from £150,000 to £2m. OION holds monthly meetings where selected companies can pitch their proposals to OION’s members, which include over 150 active business angels, VCTs and venture capitalists.

    Many of these companies are university spin-outs and OION is uniquely positioned to help them. OION holds regular joint presentation meetings, and has strong links with, universities with a reputation for spinning out quality technology companies such as, Warwick, Oxford, Bristol, University College London and Imperial College London.

    OION is managed by Oxford Innovation Ltd (www.oxin.co.uk), the UK’s leading operator of innovation centre premises for start-up companies, and sponsored by HSBC, Grant Thornton, Laytons, Frank B Dehn & Co, NESTA and Business Link.

  2. Telegnomic

    Press enquiries to: Pietro Ranieri or Sarah Tokeley, Blitz PR
    Tel: +44 (0)24 7652 3256 E-mail: pietro@blitz.co.uk or sarah@blitz.co.uk
    Client: Patrick Newton, Tel: +44 (0)1235 833950 Email: patrick.newton@telegnomic.com

    Telegnomic Limited (www.telegnomic.com) helps enterprises access real-time data from physical assets virtually anywhere in the world - no matter how remote. The company's unique Asset Intelligence System (AIS) captures and transmits physical data from remote locations to its data centre for analysis. This information is made available to management users in a comprehensive range of formats developed for their unique requirements.

    Telegnomic's scalable technology enables companies to turn everyday data into a core business intelligence tool, helping to lower costs, reduce risk, raise performance and increase enterprise value. The company has customers in major corporate industrial markets including PetroChemicals, Agribusiness and financial services. Its partners include IBM, Numerical Algorithms Group and Schlumberger. Telegnomic is a privately held company with offices in North America and the UK.