UK-based IoT startup FourJaw has raised £1.8 million from NPIF – Mercia Equity Finance managed by Mercia and is part of the Northern Powerhouse Investment Fund, Mercia’s EIS funds and private investors.
The Sheffield-based firm will use the new capital injection to further enhance its machine monitoring platform and expand its customer base. A tool for the manufacturing industry, FourJaw's platform monitors machine utilisation and energy usage, providing actionable insights to keep machines in the best of health.
“Improving productivity, sustainability and profitability are the three key challenges facing manufacturers today. FourJaw provides an affordable solution to overcome them and unlock opportunities by providing real-time insights to inform operational and commercial decisions," says Chris Iveson, co-founder and CEO.
“Not only will this investment enable FourJaw to enhance its platform, but it will facilitate its growth to expand beyond Sheffield. It's exciting to see innovative small businesses like FourJaw make a real impact in the manufacturing sector, and it’s great to see Sheffield leading the way,” says Keira Shepperson, Director at British Business Bank.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Lead image: via FourJaws. Photo: Uncredited.