Sensing technology company, Tribosonics, has successfully secured a substantial £1.5 million funding round, which will result in the creation of 25 new jobs in Sheffield, Yorkshire. The company is renowned for its specialisation in providing advanced products for monitoring industrial machinery and components, with the aim of enhancing process efficiency and product quality.
Tribosonics’ integrated systems, encompassing hardware, software, and advanced ‘edge’ analytics, provide valuable data and insights to assist companies in improving performance, extending plant life, reducing maintenance and energy usage, and achieving sustainability targets. This significant investment has been facilitated by NPIF – Mercia Equity Finance, managed by Mercia as part of the Northern Powerhouse Investment Fund, and Mercia’s EIS funds.
The funding will play a pivotal role in supporting Tribosonics’ ongoing product development initiatives and in expanding their current 42-strong team, with plans to create approximately 25 new jobs over the next 18 months. These positions will be distributed across the company’s technical teams, in addition to continued investment in their apprenticeship scheme, the Tribosonics Future Leaders Programme. The firm’s solutions are utilised in a variety of industries including battery manufacturing, composites, and polymers.
Having previously received investment rounds from Mercia and NPIF, the company has successfully raised over £4 million to date. Glenn Fletcher, the Chief Executive of Tribosonics, emphasized the significance of the funding in propelling their further growth and broadening their solutions to reach a wider global audience.
This development serves as a positive advancement for the Sheffield area, demonstrating the potential for economic growth and job creation in the region. As the company expands and solidifies its position in the market, it also reinforces its ability to make a positive contribution to the local and national economy.
The heightened investment in research and development, coupled with the creation of new job opportunities, underscores the company’s dedication to innovation and expansion. This expansion consolidates the company’s positive trajectory and fortifies its position as a significant player in the field of sensing technology.
In conclusion, Tribosonics’ recent funding round marks a significant milestone not only for the company itself, but also for the broader industrial and economic landscape. This development highlights the significance of innovation and investment in technology, as well as the potential for job creation in the advanced manufacturing and technology sectors.
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