Insider Media, November 2012
Commercial law firm Watson Burton has advised venture capital firm Northstar Ventures in its contribution to investments totalling £2.6m over the past four months.
Between July and October, Watson Burton’s corporate group advised Newcastle-based Northstar in completing key investments into SenseLogix, UroSens, Audacious and Odimax.
Smart building technology specialist SenseLogix has revealed plans to expand its operations following a second round investment of £1m from Northstar, Beringea and the North West Fund for Energy and Environment.
Bio science company UroSens Ltd has received £538,000 worth of funding to assist the business in developing a highly sensitive test to diagnose and monitor bladder cancer. Audacious has secured funds totalling £325,000 from Northstar and private investors. Founders Kevin Mann and Rachel Burns are seeking to launch the business internationally, focusing on the US technology market.
The final investment, which completed last month, has seen social media intelligence company Odimax Ltd benefit from a £575,000 investment from Northstar and IP Group’s North East Technology Fund together with private investors.
As a graduate of Europe’s first £1m accelerator fund, Ignite 100, Odimax Ltd is confident of its future following this second round investment.
Watson Burton associate Paul Wigham led the team in advising Northstar on all four investments, drafting and negotiating the terms of agreements with the relevant parties.
“These investments emphasise the entrepreneurial talent we have in the region,” said Wigham. “The commitment of investors such as Northstar in supporting successful high growth businesses is fantastic and we are pleased to be able to assist them in pushing forward innovative new organisations.”
Northstar director Ian Richards added: “We are delighted to have invested in these promising businesses and look forward to supporting them in their continued success and expansion. Paul and the team at Watson Burton have been a pleasure to work with on these investments, their high level commercial awareness and clear, practical advice added real value to the process.”