29th November 2016
Law firm advises on overseas investment in Manchester-based technology company
North West-based law firm Bermans has advised a Manchester-based business on an equity investment for an undisclosed sum from Australian investors to commercialise its technology.
Smartlife Limited has developed cutting-edge technology which can be integrated into garments such as bras, underpants and vests to read biometric signals and convert it into real time actionable insight for the user.
The patented technology is paired with advanced electronics which feeds back live information such as ECG / heart rate, respiration, activity, calories burnt, etc. so that the user can analyse these metrics alongside other performance markers such as speed and distance.
The company was formed in 2004 by director and CIO Mark Pedley which he runs alongside CEO, Martin Ashby, and the private investors.
Smartlife originally specialised in R&D in various industries before focusing on the sports sector in 2012. The original technology was bought from the University of Manchester in 2004. Since then, Smartlife’s team of scientists and engineers have developed the technology to perfect it and it currently leads in garment wearables which has become a global marketplace.
CIO Mark Pedley said: “Previously this type of information was only accessible to elite athletes or medics however more people are taking an interest in how their body performs. The Smartlife technology is unparalleled in its comfort, ease of use and accuracy in varying form factors.
“This investment is being used to accelerate the commercialisation process. During the next month we will be following up on meetings held recently in the States with a view to signing globally recognised sporting brands. We also have opportunities in Canada, EU, Australia and China.
“As well as the financial aspect of this transaction, the investors we have on board are connected to one of the world’s leading workwear brands so it’s great to have people working with us who see the value to people’s lifestyles in established markets such as those.”
Bermans corporate partner Jon Davage who advised on the transaction said: “Smartlife is a great example of the thriving technology sector here in Manchester and are very pleased to have supported them in this transaction. It’s a very exciting time for the company and we wish them every success.”
Bermans has offices in Liverpool and Manchester. The firm offers a full range of commercial services and also specialises in invoice and asset finance.