Tribosonics, a Sheffield, UK-based IIOT company, raised £1.5M in funding.
The round was led by NPIF – Mercia Equity Finance, and Mercia’s EIS funds.
The company intends to use the funds to further develop its ‘sensing as a service’ solutions including polymerSENSE, which helps to reduce waste in the polymer and plastics recycling industry.
Led by CEO Glenn Fletcher, Tribosonics is a smart sensing technology company which uses sensing technologies to create value and drive sustainability for its industrial customers in the manufacturing, energy and transportation. Tribosonics embeds sensors within the moving parts of machinery to monitor factors such as friction, pressure and temperature. It systems incorporate advanced analytics and provide data in real time to help companies improve process efficiency, extend plant life and reduce maintenance and energy use.
The company has attracted a global client base including ENGEL, a world-market leader in injection moulding, and automotive parts manufacturer Novares.