New Motion Labs (NML), a developer of drivetrain technology for the mobility and industrial markets, has secured over £890,000 equity investment from the South West Investment Fund via the appointed Fund Manager, The FSE Group.
Enduo Industry, founded by New Motion Labs, started out on founder Marcel Fowler’s cycling trip in 2015 when he broke his chain halfway up a mountain. He had a long time to ponder about why the roller chain was still a problem and had not seen any significant improvement since the early 1500s when Leonardo da Vinci created sketches of the first ever roller chain.
Exeter-based NML's patented and award-winning Enduo technology NML has re-engineered the traditional chain and sprocket to reduce wear, enhance lifespan, reduce energy loss, and lower manufacturing costs, while offering retrofit capabilities.
It has already found success in track cycling and e-bike markets, including cargo e-bikes and shared e-bikes, resulting in significant reductions in energy consumption and maintenance requirements.
Damien Murphy, NML CEO, said:
"This funding marks a pivotal milestone in NML's journey, enabling us to accelerate our growth trajectory, expand our product offering and further penetrate the industrial market.
The FSE Group has been working alongside us to help secure co-investors in a challenging investment market and we are grateful for their belief in our game-changing technology and the support of the South West Investment Fund."
The investment is part of a wider £1.8 million funding round designed to support business growth. It will bolster a variety of activities including product development, sales and marketing, and the creation of new jobs.
Ralph Singleton, Head of Equity Investment at The FSE Group, added:
"This experienced and knowledgeable management team boasts an impressive track record and influential industry connections. NML's robust R&D capabilities, strong IP position, and the proven efficacy of their Enduo technology position them uniquely to address critical pain points in both the cycling and industrial sectors."
Paul Jones, Senior Investment Manager, British Business Bank, shared:
“NML has re-engineered sprocket and chain technology for the first time in over a century with the aim of applying it to potentially thousands of industrial and manufacturing applications worldwide.
The South West Investment Fund exists to support the growth of innovative businesses in the region, and this deal is a great example of that.”
NML is now targeting the global industrial sector, where chain failure presents a costly challenge across thousands of manufacturing processes. Enduo's applications are extensive, and NML is poised to deliver reliable solutions across industries such as automotive and food and beverage.
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