The Northern Powerhouse Investment Fund has endowed £250,000 to support components Technology Platforms restricted in its mission to develop its headquarters, employees base and products portfolio.
The investment was created by NPIF – Mercia Equity Finance that is managed by Mercia Fund Managers and a part of the Northern Powerhouse Investment Fund.
Founded last year in urban center by Dr. Joe Handsaker, components is an online of Things (IoT) solutions supplier for little and small makers.
The business is developing package solutions that re-purpose shopper technologies to be used in producing, with a selected interest in exploring opportunities for wearable technologies within the sector.
Elements’ revenue model is to sell inexpensive hardware, together with smartphones and off-the-rack proximity sensors for tagging producing materials and to then charge a monthly subscription charge for the merchandise. This platform can alter small-sized makers to boost their productivity while not Brobdingnagian expenditure or the burden of AN overly-complicated Material necessities coming up with system.
The company is already on the trail to elevating its business; in March 2018, it won the ‘Digital Catapult Hack and Pitch’ competition at the trade four.0 Summit and has since met with the administrators of the Rolls Royce scheme and IoT divisions, in an exceedingly bid to boost provide chain transparency.
The £250,000 funding can support the company’s product portfolio by making advanced prototypes and confirmatory its market giving. The NPIF investment, that is that the solely external finance that the corporate has raised up to now, will be wont to secure a premises in urban center and rent four new technical and staff members.
Since its launch in February 2017, NPIF has delivered Microfinance, Debt Finance and Equity Finance, go in size from £25,000 to £2m, to businesses across the ten native Enterprise Partnerships (LEP) that frame the ‘Northern Powerhouse’ region.
Ashwin Kumaraswamy, Investment Director at Mercia Fund Managers, said: “Small and small companies frame ninety per cent of the UK’s producing capability. Joe and his team of young entrepreneurs have found the way to assist them deploy the most recent technology to change production and enhance quality and productivity.”
Sean Hutchinson, Senior Manager at British Business Bank, said: This investment exemplifies the work that NPIF is doing across the North of European nation. By supporting businesses with the funds to spice up count and move premises, we have a tendency to ar making a a lot of prosperous regional economy for the longer term, and successively serving to to cut back the historic regional disparities between the North and therefore the South.”
The Northern Powerhouse Investment Fund project is supported financially by the eu Union victimisation funding from the eu Regional Development Fund (ERDF) as a part of the eu Structural and assets Growth Programme 2014-2020 and therefore the European Investment Bank.
Enterprise Ventures restricted is authorised and controlled by the monetary Conduct Authority (FRN: 183363). energy unit Business Loans restricted is authorised and controlled by the monetary Conduct Authority (FRN: 443560).