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.
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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.
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.”
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.