The Sheffield company, whose smart sensors allow the industry to reduce wear and cut energy costs, has raised another £ 1.5 million from NPIF – Mercia Equity Finance, managed by Mercia and part of the Northern Powerhouse Investment Fund, and Mercia EIS funds
Tribosonics integrates sensors into moving machine parts to monitor factors such as friction, pressure and temperature. The systems include advanced analytics and provide real-time data to help companies improve process efficiency, extend installation life, and reduce maintenance and energy use.
Tribosonics technology is used in the manufacturing, energy and transportation industries. The company has attracted a global customer base including ENGEL, the world leader in injection molding, and automotive parts maker Novares.
The investment will help the company further develop its “feel as a service” solutions, including polymerSENSE, which helps reduce waste in the polymer and plastics processing industry. Tribosonics has increased the number of its team in Sheffield by 50% since the end of 2020, bringing them to 30, and expects to create a number of new jobs next year.
The last round of funding brought the total amount raised to date to 2.6 million pounds, after the initial round of NPIF – Mercia Equity Finance in 2020.
Will Schaefer, Mercia’s investment director, said:
“Tribosonics is a pioneer of Industry 4.0, which will change production through the use of connected machines. Its touch technology offers enormous potential to increase efficiency and reduce energy consumption, which is now a key challenge for the industry. The company has maintained steady growth and has built a strong customer base with blue chips since the last round of funding. Recent investments will allow the team to develop newer solutions. ”
Glen Fletcher, CEO of Tribosonics, said:
“We are on an exciting path of growth as we deploy our innovative sensing solutions that change the game and protect IP to increase value for our customers and make a significant contribution to decarbonisation in a number of industries. It is important to have the right investors with us along the way, and Mercia has proven to be an excellent partner, providing not only capital for growth, but also invaluable support based on its experience and understanding of what is needed to develop a technology business. We look forward to continuing our journey, making a real difference and further strengthening our partnership with Mercia on all fronts. ”
Sean Hutchinson of the British Business Bank said:
“Seeing companies like Tribosonics have such an impact on their chosen markets demonstrates the North’s ability to create and develop innovative companies and clearly demonstrates the impact that NPIF equity funds can have on businesses with skilled teams, ambitious growth plans and cutting-edge world of technology. With further funding, Glenn and his team will be able to implement a number of new changes, making them and Sheffield leaders in the development of sensing systems. NPIF is committed to helping unlock growth in the north of England, and with this investment Tribosonics is another example of business access to finance to achieve its goals. ”
The Northern Powerhouse Investment Fund project is financially supported by the European Union with funding from the European Regional Development Fund (ERDF) under the Growth Program of the European Structural and Investment Funds for 2014-2020 and the European Investment Bank.
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Mercia Asset Management PLC
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Tribosonics is a transformational, rigorous technology business that uses its unique sensing technologies to create value and provide sustainability for its global industrial customers, thus providing scale and impact. Tribosonics develops, manufactures and delivers comprehensive sensing solutions to customers in manufacturing, energy and transportation. They enable their customers to grow their future-proof businesses by providing SMART with innovative solutions to the challenges they face at every stage of the value chain.
23% of the world’s energy consumption comes from tribological contact (tribology – the science of wear, friction and lubrication). Fighting friction and wear can save 1.4% of GDP, 8.7% of total energy consumption and reduce CO2 emissions to 3140 Mt CO2. Tribosonics is at the forefront of solving these problems and thus creating lasting commercial value in the digital world.
For more information, please visit www.tribosonics.com
Mercia is an initiative, asset management specialist focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital in its four asset classes: balance sheet, venture capital, private equity and debt capital: the “Total Connected Equity” group. The group initially educates businesses through its third-party funds that are managed, and then over time Mercia can provide further financing to the most promising companies by deploying direct investments accompanied by capital from its own balance sheet.
The group has a strong footprint in the UK through its regional offices, 19 university partnerships and extensive personal networks, giving it access to a high-quality flow of transactions. Mercia currently manages around £ 800 million and since its IPO in December 2014 has invested over £ 96 million in its direct investment portfolio. Mercia Asset Management PLC is quoted on AIM with the epic “MERC”.
The group collects its own venture capital funds (VCTs) and Enterprise Investment Scheme (EIS), and details on open offers can be found on the Mercia website.
Mercia Asset Management PLC is cited on AIM with the epic “MERC” and includes the following wholly owned subsidiaries:
- Mercia Fund Management Limited is authorized and regulated by the FCA under brand number 524856
- Enterprise Ventures Limited is authorized and regulated by the FCA under brand number 183363
- EV Business Loans Limited is authorized and regulated by the FCA under brand number 443560
About Midlands Engine Investment Fund (MEIF)
The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in debt financing, small business loans, proof of concept and equity funds of between £ 25,000 and £ 2 million, specifically to help small and medium-sized businesses. provide the funding needed for growth and development.
The Midlands Engine Investment Fund is managed by British Business Financial Services Limited, which is wholly owned by British Business Bank, the UK’s national economic development bank. Founded in November 2014, its mission is to make financial markets for small businesses work more efficiently, allowing these businesses to thrive, grow and thrive in the UK.
The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department of Business, Energy and Industrial Strategy and British Business Finance Limited, a company of the British Business Bank Group.
The MEIF covers the following LEP areas: Black Country, Coventry and Warwickshire, Greater Birmingham and Salihull, Stoke-on-Trent and Staffordshire, Marche and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham and Nottinghamshire (D2N2), Greater Lincolnshire, Leicester and Leicestershire, and the South East Midlands in the East and South East Midlands.
The project receives funding of up to £ 78,550,000 from the European Regional Development Fund of England under the European Structural and Investment Funds Growth Program for 2014-2020. The program will run until the end of 2023.
The Department for Enhancement, Housing and Communities is the governing body of the European Regional Development Fund. Founded by the European Union, the European Regional Development Fund helps local communities stimulate their economic development by investing in projects that will support innovation, business, create jobs and rebuild the local community. For more information, visit www.gov.uk/european-growth-funding.
The European Investment Bank is allocating £ 122,500,000 to support the Midlands Engine investment fund. This follows support from Northern Powerhouse in 2017 and support for the recently launched Northeast Fund. For more information, visit www.eib.org
Funds in which the Midlands Engine Investment Fund invests are open to companies that carry out material operations or plan to open material operations in the West Midlands and the Eastern and South-Eastern Midlands.
The British Business Bank has published a Guide to Business Finance (in partnership with ICAEW and 21 other business and finance organizations). A guide that impartially outlines funding options available to businesses and provides links to support available at the regional level is available at https://thebusinessfinanceguide.co.uk
About the British Business Bank
The British Business Bank is the UK’s economic development bank. Founded in November 2014, its mission is to make financial markets for small businesses work more efficiently, allowing these businesses to thrive, grow and thrive in the UK. Its mandate is to design, ensure and effectively manage small business access to financial programs for the UK government.
The British Business Bank’s major programs support almost £ 8 billion financing nearly 94,800 small businesses. Since March 2020, the British Business Bank has also launched four new business lending schemes for coronavirus, providing almost £ 73 billion to around 1.6 million businesses.
In addition to increasing the supply and variety of financing for UK small businesses through its programs, the Bank is working to raise awareness of the financing options available to small businesses. The Financial Center of the British Business Bank provides independent and unbiased information to businesses about their funding options, featuring short films, expert guides, checklists and articles from financial vendors to help make their application successful.
In light of the coronavirus pandemic and the exit from the EU, the financial hub has expanded and is now targeted at a wider business audience. It continues to provide information and support to businesses that are expanding, with high growth rates and potentially high growth, but now provides more content, information and products for businesses involved in survival and recovery. The financial center has been redesigned and modified to reflect this in this period of economic uncertainty.
British Business Bank plc is an open limited liability company registered in England and Wales, registration number 08616013, registered office in Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by His UK government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorized or regulated by the Prudential Regulatory Authority (PRA) or the Financial Conduct Authority (FCA). The full legal structure of the group can be found at www.british-business-bank.co.uk.