Leading provider of digital twin SaaS for complex industrial assets, Eserv has announced they have completed an investment deal with Vespa Capital LLP (https://www.vespacapital.com/)
The deal, for an undisclosed sum, will enable Eserv to continue to drive international growth, augment the team and further expand the capabilities of their digital twin technology, AS-TEG.
Eserv’s engineering expertise and technology revolutionises how companies maintain complex industrial assets through utilising AS-TEG, its 3D digital twin software. Eserv’s 3D digital twins are precisely developed from assets in the field and are constructed to an engineering standard of accuracy which enables robust and reliable 3D analysis to be performed remotely.
AS-TEG also consolidates an asset’s various data feeds and sources into an independent platform generating a single source of truth, while enabling customers to retain control and visibility of asset data. AS-TEG is used by an increasing number of leading global energy companies and has proven to reduce onsite survey and inspection costs by up to 70% as well as the associated carbon footprint.
Vespa Capital has partnered with the incumbent management team of Eserv led by Founder and CEO, Dan Millard. Dan founded Eserv in 2015 and has led the rapid growth of the disruptive Aberdeen-based technology company.
Dan Millard, CEO of Eserv said: “After performing a strategic review we set out to find an investment partner that would help strengthen our balance sheet to super charge our international growth plan, as well as further invest into our staff and technology development. Vespa Capital was able to demonstrate a very credible track record of growing technology enabled companies and adding real value to management teams through mentoring.
"Eserv has grown organically from start-up to scaling our digital twin technology and support services across three continents in three energy verticals. The management team and I are very much looking forward to starting this next chapter of growth, with our new partners at Vespa Capital.”
Khidhr Shafiq, Director at Vespa Capital said: “Dan and the team at Eserv have developed an impressive and innovative solution that has a proven track record of providing a quick positive return on investment when implemented; this is driving the rapid adoption of digital twin technology. We have been impressed by the growth the team have achieved and are looking forward to our partnership during this exciting next phase.”
The transaction was concluded on 23rd December 2022. Vespa Capital was advised on this transaction by DLA Piper, Calash, RSM and Endava.
Eserv’s shareholders were advised by EY and Addleshaw Goddard.
