The British Business Bank has announced a £1 million equity investment in True Position Robotics (TPR) as the first deal from the Midlands Engine Investment Fund II. TPR, founded in 2018 by Roger Holden, specializes in automating aircraft assembly with low-cost industrial robots enhanced by its proprietary software and hardware.
TPR’s technology, already adopted by industry leaders like BAE in their Factory of the Future programme, automates the drilling and inspection processes in aircraft assembly. This approach increases precision and efficiency, significantly reduces assembly time and materials, and enhances fuel efficiency. The investment will help TPR scale up operations and advance its research and development efforts.
Words from those involved in the investment:
“Unlike vehicle assembly, where processes are repeatable, with aircraft the need for lightweight components and high precision means that no two operations are the same. For this reason automation has so far proved too difficult or too costly. Our robot guidance systems overcome these challenges. The investment from the Midlands Engine Investment Fund II will enable us to consolidate our position and start work on the next generation of products to ensure we maintain our position as thought leaders in the industry.”
— Roger Holden CEO, True Position Robotics
“The Midlands Engine Investment Fund II’s investment into True Position Robotics is an excellent example of the way the fund can provide transformative funding for companies at the forefront of developing pioneering technology. The investment marks a significant first milestone for the fund which has been designed to support a wide range of innovative local businesses. We’re delighted this funding will help Roger and team realise their business’ ambitious growth plans.”
— Ken Cooper Managing Director, Venture Solutions, British Business Bank
Featured image: Credit: TPR
