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Tribosonics Secures £1.5 Million Investment to Expand Smart Sensing Solutions

by Anna

Tribosonics, a company specializing in smart sensing solutions for industrial applications, has successfully secured an additional £1.5 million in funding from NPIF – Mercia Equity Finance. This funding comes as part of the Northern Powerhouse Investment Fund and Mercia’s EIS funds, aiming to support the company’s continued product development and expansion efforts.

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Tribosonics’ smart sensing solutions play a crucial role in monitoring industrial machinery and components, allowing companies to enhance process efficiency and product quality. By integrating hardware, software, and advanced edge analytics, Tribosonics provides valuable data and insights to help improve performance, extend plant life, reduce maintenance and energy consumption, and meet sustainability goals.

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The recent investment will aid Tribosonics in further developing its products and reaching a broader audience. The Sheffield-based company plans to use the funds to expand its team, creating approximately 25 new jobs within the next 18 months, particularly in its technical departments. Additionally, the company will continue to invest in its award-winning apprenticeship scheme, the Tribosonics Future Leaders Programme.

Tribosonics’ solutions find applications in various industries, including industrial energy, composites, polymers, and battery manufacturing. The company has gained recognition with high-profile customers both in the UK and globally.

Over the past two years, Tribosonics has tripled its revenue and is on track to double it again in the current financial year. With previous investments from Mercia and NPIF, the company has raised over £4 million to date.

Glenn Fletcher, CEO of Tribosonics, emphasized the challenges faced by industries in achieving energy efficiency, sustainability, and ESG compliance. He highlighted how Tribosonics’ integrated sensing solutions provide the necessary data for companies to address these challenges and undergo digital transformation. The newly secured funding is expected to propel further growth and enable Tribosonics to reach a wider global audience.

Will Schaffer, Investment Director at Mercia, acknowledged the growing realization within the industry about the potential of data to improve efficiency. He highlighted process mining, the use of data to understand performance and enhance processes, as one of the fastest-growing areas in IT. Tribosonics’ advanced technology and strong management team position it well to capitalize on this expanding market, making the latest investment instrumental in taking advantage of new opportunities.

The Northern Powerhouse Investment Fund project receives financial support from the European Union through the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

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