Hull-based AI software business Think360 has raised 拢100,000 from the NPIF II fund to support its growing workload.聽
Investor NPIF II – Mercia Debt Finance, is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II).
Think360 has secured over 拢1m worth of new contracts in the past few weeks and has over 拢4m of other potential new business in the pipeline.聽
The funding will provide additional working capital to enable it to take on more projects and expand its team with the creation of three new jobs.
The company has launched its own range of AI-powered software products since 2021, when 2021 Ian Crowder and Tony Grimes joined the business as directors and shareholders.
It also offers platforms to monitor cranes and industrial equipment and manage engineers in the field.聽
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The company currently employs six permanent staff as well as up to 22 independent contractors, including software testers and analysts.
鈥淭hink360 has made remarkable progress in the past two years since the launch of our proprietary software,鈥� said Martin Lauer, CEO of Think360.
鈥淔ollowing a spate of new contact wins, we also have a strong pipeline of new business. The funding will enable us to meet growing demand and continue our success story.鈥�
Rebecca Pickering of Mercia Debt added: 鈥淎I is reshaping the ports and logistics sector by driving automation and transforming the way care is delivered in patients鈥� homes.聽
鈥淭hink360 is at the forefront of these exciting developments. We are pleased to be able to support Martin, Ian, Tony and the team in their plans to achieve further growth and establish the company as a leader in its field.鈥�
The 拢660m NPIF II covers the entire North of England and provides loans from 拢25k to 拢2m and equity investment up to 拢5m intended to help a range of small and medium sized businesses to start up, scale up or stay ahead.
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