BELFAST-based biosensing algorithm specialist B-Secur is among 67 more UK companies in which the British Business Bank's Future Fund now holds an equity interest, taking its total to 591.
The bank said the rate of conversions has increased compared to the last quarter, although so too does the number of insolvencies (18 companies joined that list).
The comparative increase in corporate activity, says the bank, is in part due to outstanding Future Fund loans nearing their three year maturity date as well as wider economic conditions.
ECG biometrics innovator B-Secur commercialises the application of patented ECG algorithms for a range of uses.
It has enjoyed consideration growth in recent years, having received US Food and Drug Administration (FDA) for its potentially life-saving HeartKey software.
Ken Cooper, managing director of venture solutions at British Business Bank, said: “The Future Fund was created to ensure a flow of capital, at the height of the pandemic, to companies that would otherwise have been unable to access government support schemes, while ensuring long-term value for the UK taxpayer.
“The fund is now entering the maturity phase, which signals three years since the first loans were executed. The comparative increase in activity this quarter is in part due to outstanding loans nearing their maturity, as we contact companies with outstanding loans in advance to set out the options available to them.”
Launched in May 2020 and open for applications until January 2021, the Future Fund - which supports UK companies that typically rely on equity investment to fund their growth - issued 1,190 organisations with convertible loans worth a total of £1.14 billion.
