An investment fund using taxpayers money has backed a technology firm which predicts it can save thousands of lives by detecting airborne asbestos.

Alert Technology, a start-up based in Devon, has been pledged £500,000 from the Discovery Park Technology Investment Fund, a £5 million kitty provided by Kent County Council.

The cash – part of a £700,000 fundraising – will help Alert bring to market its technology, which it says is a cost-effective and portable way for tradespeople to quickly assess the atmosphere where they are working.

The company is set to open a sales office at Discovery Park in Sandwich, creating two jobs, and has ambitions to locate its manufacturing facility in the county.

More than 900 construction businesses have shown an interest in the technology which was developed at Hertfordshire University – for which Alert has full intellectual property rights.

Cllr Paul Carter, leader of Kent County Council, said: “Alert have created a game changing technology that can help to reduce the continuing impact that asbestos has on the construction and various other industries.

“In Kent alone we have identified over 344 schools that are affected by asbestos and KCC have faced claims from people suffering from the effects.

“Our investment in Alert Technology shows our ambition to participate in investments that can create both economic and social impact.”

The Discovery Park Technology Investment Fund uses council money to make equity investments in growing scientific businesses under the advice of venture capitalists NCL, formerly known as Narec.

The cash has been set aside from Kent County Council’s Expansion East Kent programme, a £35m interest-free loan scheme which used money from the government’s regional growth fund to help businesses grow and increase employment.

NCL investment manager Jonathan Synett said: “We pride ourselves on being able to identify the next big thing, especially when it comes to the kind of disruptive technologies which Alert Technology so clearly represents.

“Working with us, Alert are getting the kind of wrap around support, advice and opportunities to take something which clearly has so much potential in safe asbestos removal from brilliant concept to an industry changing market success.”

Prior to its latest investment, Alert had already attracted a European Union funded grant of €2.5 million (£1.8m).

Alan Archer, chief executive of Alert, added: “As with most emerging technology companies, the biggest challenge we’ve faced is finding the investment required to fund our commercial scale up process.

“We are looking forward to being part of the success story at Discovery Park and working with local partners to help with our manufacturing process.

“Without the commitment shown by KCC, none of this would have been possible and it is likely that our company would have struggled to find the funding required to enable this valuable product to reach its market.”