This investment will enable the company to finish development of their innovative wheelchair and begin production. Centaur Robotics have developed a self-balancing electric wheelchair called the Centaur, that offers unrivalled mobility in and around the home.
The wheelchair self-balances on two wheels, which allows increased mobility compared to traditional four-wheel models. The product has been developed by automotive engineers under the direction of Paul Campbell, a former designer at Ford Motor Company.
Recent research shows that there are around 1.2 million wheelchair users in the UK. The Centaur prioritises the dignity and experience of the user, and places aesthetics at the core of the design. Its futuristic appearance challenges the norm.
Wheelchairs play a pivotal role in enhancing the lives of disabled individuals, children, families and caregivers as they are essential tools that promote independent living and foster social inclusion. Only 9% of UK homes are accessible to wheelchair users and research estimates around 400,000 people in England are living in homes that are not adapted for their needs.
Centaur Robotics’ innovative design helps alleviate some of the pressure on wheelchair users by improving mobility around the home. The Centaur can fit through standard door frames and the seat can be elevated to the height of a standard bar stool. Centaur Robotics has created a solution that continues to enhance independent living, taking it further than traditional wheelchairs.
Midven has supported Centaur Robotics beyond the funding process, introducing the company to industry leaders in the mobility space.
Tony Stott, Investment Director at Midven says “Centaur Robotics is at the forefront of revolutionising mobility solutions for wheelchair users. This investment marks a significant milestone in their journey, allowing them to bring their innovative self-balancing electric wheelchair to production.”
Eric Kihlstrom, CEO of Centaur Robotics says “At Centaur Robotics, we believe in challenging the status quo to redefine mobility for wheelchair users. This investment from the Midlands Engine Investment Fund marks a pivotal moment in our journey, enabling us to improve accessibility around the home. We are not just building a chair; we are crafting a future where mobility solutions enhance independence and contribute to a more inclusive society.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “The Midlands Engine Investment Fund supports innovative small businesses in the Midlands that will have a positive impact on local economies. This funding from the MEIF in Centaur Robotics for its revolutionary wheelchair will help enrich the lives of wheelchair users through improved mobility solutions and enhance independent living.”
The Midlands Engine Investment Fund is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
About Centaur Robotics
Centaur Robotics was founded in 2013 by David Rajan, whose son has cerebral palsy, and John Reed, a former Ford engineer familiar with the restrictions of conventional wheelchairs. With a deep-rooted commitment to redefining mobility and inspired by the personal experiences of its designer, Paul Campbell, Centaur Robotics stands at the intersection of innovation and the freedom that better mobility can deliver. Drawing on the mobility challenges faced by Paul’s father Bill Campbell, the Centaur was born.
“It looks good, negotiates tight spaces, spins on a sixpence, and, of course, fits into the space of a dining room chair. No more spilt food,” says Paul Campbell, Design Director. The Centaur’s innovative footplate rests on the floor, offering newfound accessibility for everyday tasks.
The Centaur showcases the team’s combined automotive expertise, incorporating innovative self-balancing technology with only two wheels. Its design aims to fulfil essential mobility requirements while emphasising sophistication and style. www.centaurrobotics.com
About Midven
For more than 25 years, leading Birmingham-based venture capital firm Midven has been supporting Midlands SMEs, investing more than £90m into the region and raising over £200m co-investment into its portfolio. Midven’s ‘more than money’ approach helps to build strong and successful companies and support businesses every step of the way. Midven was acquired by Future Planet Capital in April 2021. For more information about Midven, please visit www.midven.co.uk.
About Future Planet Capital
Future Planet Capital Limited is a global venture capital and impact investor, connecting the world’s largest investors to the best minds in order to address global challenges. The firm is focused on providing growth capital to leading entrepreneurs and businesses from the world’s top universities and has deployed over $100M on behalf of institutional investors to date. Future Planet Capital’s goal is to profitably solve the world’s greatest challenges in climate change, education, health, sustainable growth & security. For more information about Future Planet please visit www.futureplanetcapital.com.
About the Midlands Engine Investment Fund (MEIF I)
The Midlands Engine Investment Fund will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
The Midlands Engine Investment Fund is operated by British Business Financial
Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
The Midlands Engine Investment Fund is supported by the European Regional
Development Fund, the European Investment Bank, the Department for
Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
The MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester & Leicestershire, and South-East Midlands in the East and South-East Midlands.
The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The programme will continue to run until the end of 2023.
The Ministry for Housing, Communities and Local Government is the Managing Authority for the European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.
The European Investment Bank is providing £122,500,000 to support the Midlands Engine Investment Fund. This follows backing for the Northern Powerhouse in 2017 and backing for the newly launched North East Fund. For further information visit www.eib.org
The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations in or planning to open material operations in the West Midlands and East & South-East Midlands.
The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at https://thebusinessfinanceguide.co.uk
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank’s core programmes support nearly £8bn of finance to almost 94,800 smaller businesses. Since March 2020, the British Business Bank has also launched four new Coronavirus business loan schemes, delivering almost £73bn of finance to around 1.6m businesses.
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.
In light of the coronavirus pandemic and EU Exit, the Finance Hub has expanded, and it now targets a wider business audience. It continues to provide information and support for scale-up, high growth and potential high growth businesses, but now provides increased content, information, and products for businesses in survival and recovery mindsets. The Finance Hub has been redesigned and repositioned to reflect this, during this period of economic uncertainty.
British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries 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 the group can be found at www.british-business-bank.co.uk.
