A Belfast-based FactoryTech firm has raised £3.1 million to facilitate global expansion.
Sensoteq, founded in 2016, designs and manufactures a range of wireless sensors for the machine condition monitoring market which track temperature and vibration on high wear components.
Its 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, and avoid costly and disruptive downtime on critical machines.
It serves industries including automotive, pharmaceutical, mining, oil and gas, renewable energy, waste recycling, and food and drink.
Maven Capital Partners led the round, which included a £600,000 investment from TechStart Ventures.
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“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,” said Idir Boudaoud, co-founder and CEO at Sensoteq.
Alan Robertson, partner at Maven, added: “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.”