Sensing solutions company, Tribosonics, is set to create 25 new jobs in the next 18 months after a £1.5m funding round.
The Sheffield company’s tech monitors industrial machinery and components, manages process efficiency and product quality.
The new funding comes from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, and Mercia’s EIS funds.
It will be used to support ongoing product development, marketing and expansion of its 42-strong team, with 25 additional technical jobs.
“Industry is facing a host of challenges such as the need to be energy efficient, sustainable and ESG compliant, reduce costs and enhance quality,” explained Glenn Fletcher, Tribosonics CEO.
“Our integrated sensing solutions provide the data required to help companies to meet these challenges and achieve digital transformation. The funding will help us to drive further growth and bring our solutions to a wider global audience.”
Tribosonics has tripled its revenue in the past 2 years and is on course to double it again in the current financial year. The company, which received previous investment rounds from Mercia and NPIF, has raised over £4m to date.
“Process mining – the use of data to understand performance and improve processes – has become one of the fastest-growing areas in IT,” added Will Schaffer, Investment Director at Mercia.
“Tribosonics’ technology is one of the most advanced of its type and the company has a strong management team to drive it forward. This latest investment will help it take advantage of this new and growing market.”
