A Sheffield company whose smart sensing solutions help industry to improve performance has raised a further 拢1.5m from NPIF 鈥� Mercia Equity Finance.
Tribosonics鈥� solutions are used to monitor industrial machinery and components and manage process efficiency and product quality.
Its integrated systems – which incorporate hardware, software and advanced 鈥榚dge鈥� analytics – provide data and insights to help companies improve performance, extend plant life, reduce maintenance and energy use and meet sustainability goals.
The investment will support Tribosonics鈥� ongoing product development and bring its solutions to a wider audience.
The company also plans to expand its 42-strong team with the creation of around 25 new jobs in the next 18 months across its technical teams.
Tribosonics has tripled its revenue in the past two 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 拢4m to date.
NPIF 鈥� Mercia Equity Finance is managed by Mercia and part of the Northern Powerhouse Investment Fund, and Mercia鈥檚 EIS funds.
Glenn Fletcher, Tribosonics CEO, said: 鈥淚ndustry is facing a host of challenges such as the need to be energy efficient, sustainable and ESG compliant, reduce costs and enhance quality.
鈥淥ur 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.鈥�
Will Schaffer, investment director at Mercia, added: 鈥淚ndustry is waking up to the potential of data to improve efficiency.
鈥淧rocess mining 鈥� the use of data to understand performance and improve processes 鈥� has become one of the fastest-growing areas in IT.
鈥淭ribosonics鈥� 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.鈥�
Debbie Sorby at British 老九品茶 Bank, said: 鈥淭his investment will allow Tribosonics to grow its workforce, creating new jobs in the area and to continue investing in its Future Leaders apprentice programme which helps to foster a strong pool of talent coming from the North.
鈥淲e are pleased that NPIF is continuing to unlock the North鈥檚 growth potential, and we look forward to seeing this continue into NPIF II.鈥�