The Series A round was provided by Koru and SGN to fund product development and global expansion.
"Given the substantial safety, quality and financial benefits we have already enjoyed, we are delighted to be scaling our involvement through additional funding and are confidently targeting efficiency savings of £13 million per annum over the next 3 years through our new Innovation Partnership with FYLD."
The financing round was led by The Westly Group to support international expansion and ongoing platform innovation.
"We are on a mission to make the world's most complex industrial supply chains more transparent, and help prevent the exploitation of people and our planet. Traceability-as-a-Service is fast becoming a requirement for the world's leading brands and this funding will help us accelerate our impact and revenue growth."
The funding values the Sheffield based manufacturing technology spin out at £2m.
"We could not have asked for a better start; this six-figure investment puts us on track to refine and develop our technology in time for the launch of our next product in the spring – a plug and play device that unlocks step changes in productivity for British manufacturers, supporting a rapid post-Covid recovery and keeping the UK’s exporters truly competitive in the global marketplace."