Sheffield smart sensors firm “flying the flag for Northern innovation” with £1.1m investment

A South Yorkshire company specialising in smart sensing technology has raised over a million pounds of investment to boost its growth.

Tech specialist Tribosonics has secured £1.1m investment from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund.

The firm’s technology enables sensors to be embedded within bearings and other moving parts to create ‘intelligent components’ which can monitor friction and wear and tear, in a bid to help companies extend plant life, prevent critical failures and reduce energy use.

Tribosonics CEO Glenn Fletcher commented: “We are delighted to receive the backing of Mercia and NPIF. Mercia has a great track record in backing innovative tech companies.

“We are a proud Sheffield business, flying the flag for Northern innovation, cutting edge engineering, and transformational IoT solutions.”

Tribosonics plans to use the funds to expand its 23-strong team with the addition of 10 new staff over the next 12 months, as well as invest further in product development.

Glenn continued: “This investment will provide the resources to significantly enhance our technology platform and to expand our very talented team as we rapidly scale our commercial activities globally, using our unique sensing technology to create a more sustainable and valuable future.”

Will Schaffer, investment manager at Mercia, added: “Tribosonics is at the forefront of Industry 4.0, allowing businesses to unlock data from industrial systems.

“The solutions that it is developing have huge potential to advance systems design, improve productivity and reduce costs.

“The investment will help Tribosonics to accelerate product development and to deepen customer relationships.”