Meet the Founders: Elaine Harding, AugmentAero

Elaine Harding is the founder of AugmentAero, a startup developing AI and AR tools to save airlines time and money by making routine engineering tasks more efficient. After going on the Funding Readiness programme we deliver with Barclays Eagle Labs, Elaine recently completed a ￡250,000 SEIS round with SFC Capital as her lead investor.

Along with SFC, several private business angel investors joined the round, all with very successful track records. Elaine is excited by the value outside of the investment that they will bring to the business.?

Capital Enterprise: What’s the elevator pitch for AugmentAero?

Elaine Harding: We’re using augmented reality and machine learning to revolutionise the aircraft maintenance industry, improving safety and efficiency. That means improved profitability for our customers and, ultimately, better passenger protection. We sell to airlines, as well as companies from the aerospace maintenance and repair sector.?

Capital Enterprise: I remember seeing you had bootstrapped AugmentAero up until this point, and that it’s not the first company you’ve bootstrapped. That’s something more and more founders are talking to us about since investors have become more cautious. What do you think they should know about going down that route?

Elaine Harding: Bootstrapping is fraught with cash flow issues. You’re always expected to invoice and then, you know, just keep the company going until the customer gets around to paying you. It’s not like they treat you like their mortgage and pay you right away. They will always take longer to pay than expected and you have to constantly chase.

Capital Enterprise: And yet you still managed to grow your previous companies successfully?

Elaine Harding: Yes. It’s a challenge because it restricts your growth, but on the plus side it really forces you to run the business efficiently.?

Capital Enterprise: This time around, you decided to raise equity funding, which you’ve just done successfully after going on the Funding Readiness programme we deliver with Barclays Eagle Labs. That’s a major milestone!

Elaine Harding: Yes, it absolutely is. And I’m very grateful, because it was on the programme with Capital Enterprise where I met the investment contact and learned about SFC.?

I first spoke to someone from SFC at a Capital Enterprise event, but that individual wasn’t in a position to make a decision. I followed up and submitted my details through their website and then sent another message on LinkedIn. So there were many points of contact, and we went through a long due diligence process. That was a new experience for me. It’s all well and good getting that first meeting, but afterwards you need a full business plan and all sorts of detail to reassure them you’re going to spend their money well.?

Capital Enterprise: Yeah, I can imagine. So having raised this investment, what’s next for AugmentAero?

Elaine Harding: We’re going to do what we said we would. It’s a super?exciting time because we now have access to grant funding based on that SEIS round, so it’s not just the ￡250,000 SEIS that we raised. In total, we’ve raised just shy of ￡1.5 million in new resources.

What’s really surprised me is I thought once I’d raised investment, the anxiety would stop. Instead, now that it’s done, there is this whole new level of responsibility for all the team members. Raising investment is very much an example of being careful what you wish for! It’s scary but wonderful all at the same time.

Capital Enterprise: Yeah, I’ve heard that from other founders. After they raise investment, everyone’s congratulating them and yet they’re more stressed than ever because there’s a whole new set of people looking over their shoulders and saying, where’s the growth?

Elaine Harding: I’m trying! It’s been three days, let me reply to your first email. [Laughter]?

Even though we just closed a round, we are already preparing for the next round. We’ve created an Investor Centre on our website, and anyone interested can check it out and get in touch for more information.?

Capital Enterprise: Final question, what advice would you give to someone looking to fundraise?

Elaine Harding: I’d say expect it to be really difficult. However difficult you expect it to be, double that. And then just don’t stop, keep going even when it feels like you’ve failed. Give it a day and then go again.

Thanks to Elaine for speaking with us!