Durham robotics firm receives six figure funding to protect jobs past pandemic
A Durham robotics company has announced that it has received six figures of funding to protect jobs and support cash flow.
Wootzano, which makes ‘electronic skin’ for robots, has received the funding package from HSBC UK through the Coronavirus Business Interruption Loan Scheme (CBILS).
The loan has enabled the company to protect multiple jobs, support cash flow and continue manufacturing during the coronavirus crisis.
With the funding in place, Wootzano is now planning for an increase in production and revenue as the business grows.
Atif Syed, CEO and founder of Wootzano, commented: “Like most businesses, Wootzano was greatly impacted by COVID-19 which created huge uncertainty for us.
“The financial support we received from HSBC UK has enabled staff to be able to work throughout the pandemic, at home and at our production facility, as well as supporting our cash flow.
“This has helped us to secure new contracts and means we can now focus on growth.”
Ian Jackson, deputy regional director, business banking and sustainability leader at HSBC UK, said: “Wootzano is an impressive company which is making breakthroughs in the robotics world.
“We’re delighted to be able to work alongside the company in its mission to expand over the coming years, as well as supporting them during this challenging time for businesses.”
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