9th May 2022
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A Sheffield company, whose smart sensors make data around asset performance visible to industry, so it can reduce waste, improve efficiency and create value has raised a further £1.5m in an investment round led by NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, and Mercia’s EIS funds.
Tribosonics designs, manufactures and supplies sensing systems that combine innovative hard-tech with cloud-based data capture and advanced analytics. These sensing systems non-invasively measure and monitor process efficiency and parameters like wear, lubrication, pressure, temperature, product viscosity, aeration and contaminants. Its technology is used in the manufacturing, energy and transportation industries and helps to extend operational life, improve energy efficiency, reduce waste and lower costs.
The latest funding comes off the back of strong customer growth and industry recognition. Tribosonics is steadily enriching its portfolio of patented products and services for long-established customers. This includes customers such as ENGEL, a world-market leader in injection moulding, and Novares, the Tier 1 automotive parts manufacturer. In addition to product development work with global corporates, Tribosonics has launched an industry leading “sensing as a service” offering. One example includes polymerSENSETM which provides “as a service” sensing to improve efficiencies and reduce waste in the polymer and plastics recycling industry.
Tribosonics has a strong track record of innovation through novel and IP protected technology and through commercialisation, by providing products and services for industrial applications. The continued enrichment of Tribosonics’ product portfolio, and growth in its customer base, has seen the team in Sheffield increase by 50% to 30 members since late 2020. With plans to expand into new industrial sectors, the team is expected to grow even further.
This latest investment provides the company with additional growth capital to enhance its facilities and increase capacity. It will also help Tribosonics continue building out its team, further develop its products and platforms, expand its IP portfolio, and to develop and widen its routes to market, including its ‘sensing as a service’ solutions. Tribosonics works with customers to generate, capture and analyse measurement data and apply it to support more valuable, more efficient and more sustainable outcomes. The latest funding round brings the total raised by the company to £2.6m and follows an initial round by NPIF – Mercia Equity Finance in 2020.
Will Schaffer, Investment Director at Mercia, said: “Tribosonics technology is core to helping operators deliver and operate next generations systems, components and processes. Their solutions enable data insights and automations that enable significant wastage reductions, in both terms of energy and product. Tribosonics’ technology is already having an impact on the industries it supplies. We’re looking forward to continuing to support the team as they develop more novel solutions and IP products.”
Glenn Fletcher, Tribosonics CEO, said: “We’re on an exciting growth journey as we deploy our innovative, game-changing and IP protected sensing solutions to increase value for our customers and to make a significant contribution to decarbonisation across a number of industries. It’s important to have the right investors with us on the journey and Mercia has proved to be a great partner, providing not only growth capital but also invaluable support based on its experience and understanding of what it takes to grow a tech business. We’re looking forward continuing the journey, making a real difference and further enhancing our partnership with Mercia across all fronts.”
Sean Hutchinson at British Business Bank, said: “Seeing companies like Tribosonics make such an impact on their chosen markets is testament to the North’s ability to create and grow innovative companies and clearly demonstrates the impact NPIF equity funds can have on businesses with skilled teams, ambitious growth plan, and world leading technology. With further funding, Glenn and his team will be able to roll out a number of new changes, placing them and Sheffield as leaders when it comes to developing sensing systems. NPIF aims to help unlock growth across the North of England, and with this investment, Tribosonics is another example of a business accessing finance to achieve its goals.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from 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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