A Sheffield IoT start-up that helps manufacturers to maximise productivity and reduce energy use has raised £1.8 million.
FourJaw Manufacturing Analytics will use the funding to further enhance its machine monitoring platform and expand its customer base.
The investment comes from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, Mercia’s EIS funds and private investors.
FourJaw’s platform acts as a fitness tracker for machines, monitoring ‘vital signs’ such as machine utilisation and energy usage. It then turns the data into actionable insight that enables manufacturers to remove inefficiencies from the factory floor.
Unlike traditional monitoring systems, which can be costly to set up and have to be hardwired into each machine, FourJaw’s technology can be installed in minutes, connected to any machine and is accessible to manufacturers of all sizes.
FourJaw was founded in 2020 by Chris Iveson and Robin Hartley-Willows, who had previously worked together at the University of Sheffield’s Advanced Manufacturing Research Centre. Its platform is now used by over 120 manufacturers worldwide in sectors ranging from aerospace and automotive to energy and food production.
The company, which featured on our FactoryTech 50 ranking this year, currently employs 20 staff. The latest funding brings the total raised to date to almost £4m and will see the creation of seven new jobs.
“Improving productivity, sustainability and profitability are the three key challenges facing manufacturers today,” said CEO Iveson. “FourJaw provides an affordable solution to overcome them and unlock opportunities by providing real-time insights to inform operational and commercial decisions.
“The funding will help us accelerate our vision to maximise manufacturing productivity across the globe which in turn will help elevate lives, communities and society.”
Chris Borrett of Mercia said: “Manufacturing is an enormous industry that is undergoing massive digitisation. Until now individual machine data across the entire assembly line has been prohibitively expensive and cumbersome to install.
“FourJaw is changing the game, providing the data, the platform and the intelligence required for manufacturers from all sizes and sectors to radically evolve their operations.”