Think360 secures funding to drive AI growth

A Hull-based software firm is set for further growth after securing investment to support its expanding workload and new contract wins.

Think360 has raised £100,000 from NPIF II – Mercia Debt Finance to help scale operations after landing over £1 million in new contracts, with a “strong pipeline” of potential deals worth £4 million. 

Bosses say the funding will enable the business to “meet growing demand” and take on additional projects, by expanding the team with three new hires.

Founded in 2018 by Martin Lauer, Think360 initially focused on bespoke software solutions before launching its own AI-powered products for sectors including logistics, manufacturing and homecare. 

Now with six permanent staff and up to 22 independent contractors, including software testers and analysts, the firm has a range of clients such as RMS Ports, Immingham Transport and cosmetics manufacturer Orean Personal Care.

Martin said: “Think360 has made remarkable progress in the past two years since the launch of our proprietary software. 

“Our products have gained traction in all of our key sectors and we have secured some high-profile clients. 

“Following a spate of new contact wins, we also have a strong pipeline of new business. 

“The funding will enable us to meet growing demand and continue our success story.”

Rebecca Pickering, investment manager at Mercia Debt, added: “AI is reshaping the ports and logistics sector by driving automation and transforming the way care is delivered in patients’ homes. 

“Think360 is at the forefront of these exciting developments. 

“We are pleased to be able to support Martin, Ian, Tony and the team in their plans to achieve further growth and establish the company as a leader in its field.”

The £660 million Northern Powerhouse Investment Fund II, launched by the British Business Bank, covers the entire North of England and provides loans from £25,000 to £2 million and equity investment up to £5 million to help small and medium-sized businesses grow. 

Lizzy Upton, senior manager at the British Business Bank, said: “From deeply technical software to easy-to-use consumer programmes like ChatGPT, AI has grown tremendously in recent years, and is only set to grow even more. 

“It’s great to see a Yorkshire-based business like Think360 using NPIF II funding to drive AI transformation in key industries like the ports, logistics and manufacturing sectors.”

The NPIF II recently reached a major milestone after investing £50 million across more than 130 businesses in the North of England since its launch in March 2024. 

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