Tribosonics Secures £1.1million Investment
We are pleased to announce that Tribosonics has secured £1.1 million from the NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund. The growth capital will enable us to expand; furthering the reach of our technology in the market and in so doing create highly skilled jobs in the North of England.
We spoke to Glenn Fletcher CEO and Dr Phil Harper, Founder and CTO, about the impact this investment will have on Tribosonics.
“We are delighted to receive the backing of Mercia and NPIF. Mercia has a great track record in backing innovative and transformational tech companies. We are a proud Sheffield business, flying the flag for Northern innovation, cutting edge engineering, and transformational IIOT solutions. Therefore, 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.”Glenn Fletcher, CEO, Tribosonics
“This is fantastic news for the whole team at Tribosonics and I am really looking forward to working with Mercia. The investment and Mercia’s support will enable us to scale the business at speed. This will make a significant impact using our sensing technology to create a more sustainable future.”Dr Phil Harper, Founder and CTO, Tribosonics
We also talked to Will Schaffer, Investment Manager at Mercia, who commented:
“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. As friction accounts for 23% of global energy use, they often have the added benefit of reducing carbon emissions. The investment will help Tribosonics to accelerate product development and to deepen customer relationships.”
Moreover, this news comes after the recent appointment of two new directors to our Board, Christina King CCO and Janet Pryke CFO. Also the appointment of Sarah Sandle, VP Strategy at Rolls Royce, as our new Non-Executive Chairperson.
Finally, Tribosonics is making great strides by securing investment through Mercia, to add to recent substantial Innovate UK grant awards. Therefore, we are excited about the future projects and game-changing technology that we will bring to the market.