Specialist technology firm SRT Marine Systems has raised a total of £5.3m of cash in a combination of loans and equity to help it overcome the impact of Covid-19.
The Midsomer Norton-based firm, which makes world-leading maritime surveillance, vessel tracking, monitoring equipment, raised an aggregate of £2.8m from investors earlier this month. 
Now it has agreed an additional £2.5m loan facility from its main bank, bringing the total raised to £5.3m.
The bank loan is being provided with the support of the government’s Coronavirus Business Interruption Loan Scheme (CBILS), with the interest repayable in a year.
SRT CEO Simon Tucker said: “Considering the unknown timeframe of Covid-19 business restrictions, we moved quickly to secure our business for the future through a combination of cost minimisation and additional cash financing.
“With the confirmation of this £2.5m bank loan, in the last few weeks we have secured a total of £5.3m of additional cash.
“This financing enables SRT to continue to operate and service existing and prospective customers during the current situation and be in an optimal position to move forward with new system contracts once business conditions normalise.”
The London Stock Exchange-listed firm’s products are used by individual vessel owners, port authorities, maritime infrastructure owners, coast guards and national security agencies to enhance their maritime domain awareness.
Applications include tracking commercial and leisure vessels, sustainable fishery, anti-collision, search and rescue, waterway management, port and coast security, pollution management, and environmental management.
