Sensoteq secures £3.1m from Maven VCTs and TechStart Ventures to scale wireless sensor production
Maven VCTs lead a fresh financing round to support international expansion and product development at Sensoteq.
Sensoteq designs and manufactures wireless sensors for industrial condition monitoring applications. The firm provides remote tracking tools for critical machinery parameters.
Sensoteq has secured £3.1m in a funding round led by Maven VCTs, with participation from TechStart Ventures. The Belfast-based company builds wireless sensors for industrial condition monitoring, helping operators track parameters such as temperature and vibration on high wear components.
The fresh capital will be directed towards accelerating worldwide deployment and commercialisation of the company hardware suite. Additional resources will support product expansion, enhanced customer service, and targeted sales and marketing initiatives.
Founded in 2016, the business has developed a cloud platform that supports predictive analytics for industrial assets. Its monitoring technology currently serves sectors ranging from automotive and pharmaceuticals to mining and renewable energy.
From the founder
"The investment supports the next phase of Sensoteq’s growth trajectory and is a reaction to the market success the business has experienced. From our initial investment funded by Techstart Ventures, to the current funding round executed by Maven, the company has continued to enjoy a global demand for its products and an increased presence in the condition monitoring marketplace. 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."
Idir Boudaoud
Co-founder and CEO at Sensoteq
Investor perspective
"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."
Alan Robertson
Partner, Maven
Use of funds
- 01Continue product development
- 02Invest in sales and marketing
