Tribosonics, a Sheffield, UK-based company providing smart sensing solutions, raised £1.5M in funding.
The round saw participation from NPIF – Mercia Equity Finance and Mercia’s EIS funds.
The company intends to use the funds to expand its ongoing product development efforts and bring its solutions to a wider audience, and extend its 42-strong team with the creation of around 25 new jobs in the next 18 months across its technical teams. It will also continue to invest in its apprenticeship scheme, Tribosonics Future Leaders Programme.
Led by CEO Glenn Fletcher, Tribosonics provides solutions that are used to monitor industrial machinery and components and manage process efficiency and product quality. Its integrated systems – which incorporate hardware, software and advanced ‘edge’ analytics – provide data and insights to help companies improve performance, extend plant life, reduce maintenance and energy use and meet sustainability goals.
Commenting on the news, 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.”
FinSMEs
14/12/2023