21 June 2022
British Patient Capital has invested £5 million in CloudNC, a London-based developer of automation software for the manufacturing sector, as part of a £35 million Series B round.
The round was led by US software corporation Autodesk, alongside investment from Lockheed Martin, Atomico and Episode 1. The investment from British Patient Capital was made through Future Fund: Breakthrough, our £375 million programme where we co-invest with private sector investors in innovative, R&D-intensive UK companies.
CloudNC has developed powerful optimisation software for the precision parts manufacturing market, which makes parts for most day-to-day products – from automotive and aircraft parts to electronic devices. CloudNC’s software automates the machining process and creates precision parts faster, cheaper and more accurately than traditional methods allow.
Judith Hartley, CEO, British Patient Capital, said: “British Patient Capital is pleased to be making a £5 million investment in CloudNC as part of its £35 million Series B round. CloudNC has the potential to become a UK technology champion and global leader in precision manufacturing. Its automation software could transform the entire sector and is precisely the type of company Future Fund: Breakthrough was designed to support. Throughout our interactions with the management team, we have been consistently impressed by their tenacity and ambition, and British Patient Capital is delighted to be supporting them on their growth journey.”
About British Patient Capital
British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank plc’s commercial arm.
Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. Launched in June 2018, British Patient Capital has £2.5 billion to invest over 10 years in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at britishpatientcapital.co.uk.
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.
The investment from British Patient Capital does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank plc, or the government of the UK.
CloudNC develops advanced software, tested and developed in its own facility, that enables factories to autonomously manufacture more products, more reliably, faster, and with less waste than current processes. The company is seeking to democratise production through its unique, full-stack factory in Essex, United Kingdom, where the software is continuously iterated to achieve full manufacturing autonomy. The company, founded in 2015, consists of a world-class team combining expertise in computer science and physical manufacturing, alongside Autodesk and Lockheed Martin as strategic partners helping to make CloudNC’s solutions available to factories around the world as a software product.