NPIF invests over £200k into Sheffield tech platform
The Northern Powerhouse Investment Fund (NPIF), has invested £250k to support Elements Technology Platforms Limited in its mission to develop the firm.
The investment was made by NPIF - Mercia Equity Finance which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
Founded last year in Sheffield by Dr Joe Handsaker, Elements is an Internet of Things (IoT) solutions provider for small and micro manufacturers.
The business is developing software solutions that re-purpose consumer technologies for use in manufacturing, with a specific interest in exploring opportunities for wearable technologies in the sector.
Elements’ revenue model is to sell low-cost hardware, including smartphones and off-the-shelf proximity sensors for tagging manufacturing materials and to then charge a monthly subscription service fee for the products.
The £250k funding will support the company’s product portfolio by creating advanced prototypes and validating its market offering.
The NPIF investment, which is the only external finance that the company has raised to date, will also be used to secure a premises in Sheffield and hire four new technical and sales staff members.
Sean Hutchinson, senior manager at British Business Bank, added: “This investment exemplifies the work that NPIF is doing across the North of England.
“By supporting businesses with the funds to boost headcount and move premises, we are creating a more prosperous regional economy for the future, and in turn helping to reduce the historic regional disparities between the North and the South.”
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