A fleet management consultancy which has developed new software used in the management of large vehicle fleets has received a £500,000 investment from The North West Fund for Venture Capital, managed by Enterprise Ventures (EV).
Telepath’s software allows operators to analyse and improve the efficiency of their fleets. Telemetrics is a reporting tool that uses tracking data to display information about vehicle usage, driver behaviour and working patterns, it also translates data from others’ telematics products. Other software solutions from Telepath provide visual tracking of fleets, assets and personnel, providing greater flexibility than current products available on the market. The company also provides a consultancy service.
Telepath, which is based in Salford, was established in 2011 by Carolanne Hurley, who has over 20 years’ experience in IT. As Managing Director of Pinacl Services, she helped grow revenues from less than £0.5m to around £20m prior to the group being acquired by Tyco.
Hurley, who started Telepath using her own investment and now leads a ten-strong team, said: “While there are many companies providing telematics systems, Telepath offers a different approach. We regard ourselves as a fleet and personnel consultancy, rather than a telematics business, as we take data and translate it into business information to show our customers how to improve efficiency and reduce cost.”
As part of the investment deal, Telepath has appointed Jonathan Firth as Non-Executive Chairman. Firth has had senior roles in a number of technology businesses.
Will Clark, Investment Director with Enterprise Ventures, which manages The North West Fund for Venture Capital, said: “Telepath’s systems are more sophisticated than those currently on the market and allow operators to monitor a whole range of factors, from the extent of harsh braking or acceleration to accident trends, fuel efficiency, idling and vehicle downtime. The business has already gained traction with major operators in international markets. The funding will help it to further develop its presence in the UK market.”
The North West Fund for Venture Capital is part of the £155m North West Fund, which is provided jointly by the European Regional Development Fund and the European Investment Bank.