Sheffield tech company, Tribosonics, has raised £1.1 million to develop and grow its smart sensors which helps industry reduce costs.
The company embeds sensors within bearings and other moving parts to create ‘intelligent components’ which can monitor friction and wear and tear.
The results help companies to extend plant life, prevent critical failures and reduce energy use.
The technology can be used in manufacturing, power generation and transport – for example to create smart factories, or in critical parts such as the bolts on wind turbines and the bearings within a ship’s propeller.
The investment from NPIF – Mercia Equity Finance will allow the company to expand its 23-strong team with the addition of 10 new staff over the next 12 months, and invest further in product development.
As part of the deal, Sarah Sandle who is VP Strategy of Rolls-Royce, joins the company as Chair.
“This investment will provide the resources to significantly enhance our technology platform and to expand our very talented team as we rapidly scale our commercial activities globally, using our unique sensing technology to create a more sustainable and valuable future,” said CEO Glenn Fletcher.
Will Schaffer, Investment Manager at Mercia, added: “Tribosonics is at the forefront of Industry 4.0, allowing businesses to unlock data from industrial systems. The solutions that it is developing have huge potential to advance systems design, improve productivity and reduce costs.
“As friction accounts for 23% of global energy use, they often have the added benefit of reducing carbon emissions. The investment will help Tribosonics to accelerate product development and to deepen customer relationships.”
Ken Cooper, Managing Director at British Business Bank, said: “With more businesses like Tribosonics able to take up investment we should see the economy in the north rebounding strongly.”