Laytrix, a Darlington, UK-based business which has developed innovative systems for laying and removing subsea pipelines, secured £385k in funding.
NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, provided the funding package, with participation from the senior management team. As part of the investment, the company has also appointed Gary Hogg, the former COO of Global Maritime, as a Non-Executive Director.
The company will use the funds to bring its first two systems to market.
Founded by Andrew Stevenson, who is also CEO of marine engineering consultancy Ardmore Craig, Laytrix develops equipment for the offshore industry.
Its products are one for laying pipes and cables and the other for decommissioning them.