Belfast based technology manufacturer set for expansion via eight-figure funding
Maven Capital Partners, one of the UK’s most active SME investors in growing businesses, has led a £3.1m funding round, including a £600k investment from TechStart Ventures, for Sensoteq, a Belfast based technology company.
Sensoteq designs and manufactures a range of wireless sensors for the condition monitoring market. These sensors help track critical parameters such as temperature and vibration on high wear components in a wide-range of industrial applications.
Maven’s investment will help Sensoteq commercialise and accelerate the worldwide roll out of its existing suite of wireless sensors. The funding will also enable the business to expand its product range, provide increased customer support, while investing in sales and marketing resources to further capitalise on the large addressable market.
Sensoteq’s products remove the need for manual inspection, allowing for remote and continuous monitoring of production equipment in some of the harshest industrial environments and hazardous locations, enabling customers to avoid costly and disruptive downtime on critical machines.
Founded in 2016, the business has in recent years invested in creating a scalable end-to-end cloud platform, capable of predictive analytics to help customers anticipate and proactively avoid failure of business-critical production assets.
Sensoteq’s products are now utilised globally in a diverse range of industries, including automotives, pharmaceuticals, mining, oil and gas, renewable energies, waste recycling, and food and beverage.
The global machine condition monitoring market is expected to grow in size from $2.8bn in 2022 to $4bn by 2027, representing a compound annual growth rate of 7.8 per cent.
Alan Robertson, Partner at Maven, commented: “Sensoteq has developed and launched a market leading product, giving clients access to previously unobtainable data that is invaluable in ensuring the health and ongoing performance of key production equipment.
“We have been hugely impressed by the global reach of the company and demand for the technology, and we are aware that customers greatly value and rely upon the technical expertise and support of the entire Sensoteq team. We look forward to working with Idir and Alan to further grow the business.”
Idir Boudaoud, Co-founder and CEO at Sensoteq, added: “The investment by Maven adds significant scope to the next phase of business growth internationally, and we look forward to expanding our team and services worldwide in order to support our customers in each of our global locations.”
By Matthew Neville – Senior Correspondent, Bdaily
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