
Nottingham-based
True Position Robotics (TPR), a provider of industrial robots that could revolutionise aircraft manufacturing, has received a £1 million equity investment from the
British Business Bank, the first deal through the new Midlands Engine Investment Fund II, facilitated by Mercia Ventures, the appointed fund manager for the East and South East Midlands. The investment comes as demand for new aircraft has surged due to a rise in passenger numbers and a drive by airlines to replace ageing fleets with more modern, fuel-efficient aircraft.
TPR, founded in 2018 by Roger Holden, has pioneered a way to automate the assembly process for aircraft using low-cost ‘off the shelf’ industrial robots adapted with its own software and hardware. The company is already working with leading industry names such as BAE Systems, which has adopted the technology as part of its ‘Factory of the Future’ programme.
Currently aircraft assembly is largely a manual process. Parts must be lined up, holes positioned precisely and carefully drilled. TPR’s robots automate the entire drilling process and the subsequent inspection. Its unique optical tracking technology and clamp system keeps the drill in place for 100% accuracy.
This pioneering approach to aircraft assembly enables aeroplanes to be built in a fraction of the time and reduces the amount of material required, resulting in lighter craft with better fuel efficiency. The use of lightweight standard robots also means that TPR’s systems are around a 10th of the cost of a traditional automation line and use far less energy. The equity investment received through the Midlands Engine Investment Fund II and managed by Mercia Ventures will enable the business to scale up operations and continue its research and development.
Thought leadersTPR CEO Roger Holden said: “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.”
The £400 million Midlands Engine Investment Fund II covers the entire Midlands region and provides debt finance from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium-size businesses to start up, scale up or stay ahead.
Ken Cooper Venture Solutions managing director at the British Business Bank, said: “The Midlands Engine Investment Fund II’s investment into TPR 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 are delighted that this funding will help TPR to realise its ambitious growth plans.”
Hannah Tapsell Chapman, Mercia Ventures investment manager, concluded: “The Midlands Engine Investment Fund II’s investment into TPR 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.”