Funding

[Funding alert] UK-based Tribosonics Secures £1.5M in Funding

Dec 16, 2023 | By Startup Rise EU

UK-based Tribosonics Secures £1.5M in Funding. Mercia's EIS funds and NPIF - Mercia Equity Finance participated in the round.

UK-based Tribosonics Secures £1.5M in Funding. Mercia's EIS funds and NPIF - Mercia Equity Finance participated in the round.

The business is going to use the funds to expand its current product development efforts, reach a larger market, and add approximately 25 new employees to its current 42-person workforce over the course of the next 18 months in various technical departments.

Read also - Cambridge-based Spotta Secures £3M in Funding

Tribosonics, led by CEO Glenn Fletcher, offers solutions for controlling process efficiency and product quality, as well as for monitoring industrial machinery and components. With the help of its integrated systems, which combine hardware, software, and cutting-edge "edge" analytics, businesses may increase productivity, prolong the life of their plants, use less energy and maintenance, and accomplish sustainability objectives.

RECOMMENDED FOR YOU

recomd
Funding
[Funding alert] HR Tech Startup Harriet Secures €1.4 Mn Pre-seed Funding Led by Concept Ventures
Startuprise
Dec 7, 2023
recomd
Acquisition
Access Legal acquisition news – Division of the Access Group, Access Legal Completed the acquisition of inCase
Startup Rise EU
May 11, 2024
recomd
News
Tensor Ventures becomes the first VC Fund supported by the Czech Republic’s National Recovery Plan
Startup Rise EU
May 17, 2024

Read also -  Amsterdam-based Hivello Secures USD$1M in Pre-Seed Funding

Glenn Fletcher said: “Industry is facing a host of challenges such as the need to be energy efficient, sustainable and ESG compliant, reduce costs and enhance quality. 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.”

Will Schaffer, Investment Director at Mercia, added: “Industry is waking up to the potential of data to improve efficiency. Process mining – the use of data to understand performance and improve processes – has become one of the fastest-growing areas in IT. 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.”

Debbie Sorby at British Business Bank, said: “This 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. We are pleased that NPIF is continuing to unlock the North’s growth potential, and we look forward to seeing this continue into NPIF II.”

About Tribosonics

Tribosonics are a high-tech start-up growing into lucrative and unexplored markets with their unique sensing technology. By adopting a strong challenger mindset, they are able to leverage their revolutionary technology to harvest potent, targeted data that unlocks substantial value for their clients in Industry 4.0/IIoT applications.

Read also - AI Co-Pilot for marketers Arcane Secures $5 Million in Seed Funding

Recommended Stories for You

story
Spain

[Funding alert] Barcelona-based Workfully Secures €1.2 million in Seed Funding

Startup Rise EU Oct 11, 2023

story
UK

H.I.G. Capital Acquired DX Group

Startup Rise EU Jan 30, 2024

story
Recent Articles

UK Energy Company OVO Acquire EV Charging Consumer App Bonnet

Startup Rise EU Nov 25, 2023

story
Funding

[Funding alert] Hamburg-based Heyflow Secures $16Million in Series A Round Funding

Startup Rise EU Feb 29, 2024

story
Funding

team.blue funding news – Ghent-based team.blue Secures an Investment

Startup Rise EU Jul 12, 2024

story
Acquisition

TravelPerk acquisition news – Barcelona-based TravelPerk Acquired AmTrav

Startup Rise EU Jun 18, 2024