When huge organisations like HP, Vodafone, Coca-Cola and the NHS desperately need a new part for a failing machine, they used to wait days, even weeks, for it to be delivered.
ByBox co-founder Stuart Miller decided to tackle the issue, creating a network of smart lockers across the country to take delivery of mission-critical parts anywhere in the UK, 24 hours a day and seven days a week.
The business, which was launched in Silicon Valley in 2000, started out doing something very different: lockers for online shopping deliveries.
A year later, ByBox pivoted to focus on supply chains and now has 300 customers on its books.
Last year, the business raised £37.5m from LDC to help it expand abroad and build up its suite of technology.
“I’m one of the biggest evangelists for private equity now,” Miller says. “My biggest concern was that we would be forced to make poor decisions for short term gain but I couldn’t have been more wrong.”
Instead, ByBox is investing £3m a year in R&D and has just launched a new local delivery service, which now represents 5pc of the company’s £70m turnover.
Miller is proud of building a business that now supports critical infrastructure around the world.
“You can’t switch our network off,” he says. “There would be chaos. Traffic lights would go off, hospital equipment would fail.”
He has ambitions to float the business and is aiming to be a FTSE 100 company. “We have the potential to get there,” he says. “Not just because an IPO is every entrepreneur’s ambition, but because we’re well-suited. We’re no fad.”