Belfast-based startup Sensoteq, which develops wi-fi automotive well being monitoring expertise, has secured a £500,000 mortgage because it seems to increase its workforce.
Based in 2016, Sensoteq designs sensor expertise to observe heavy industrial equipment. The corporate’s product tracks gear efficiency and effectivity to offer perception into whether or not instruments want upkeep or substitute.
Sensoteq merchandise are used within the automotive, pharmaceutical, mining, power and waste recycling industries, amongst others.
The funding was offered by way of the Progress Finance Fund from Northern Eire funding group Whiterock Finance.
“Over the previous 12 months, Sensoteq has seen important development and we’ve got formidable plans to proceed this trajectory by increasing our crew and rising our buyer base globally,” stated Sensoteq CEO Idir Boudaoud.
“The funding offered by Whiterock Finance will assist us implement our gross sales technique as we construct our seller community to maneuver into new markets.”
The corporate presently employs 27 individuals and can use the brand new funding to create an extra 10 roles at its Belfast headquarters.
“Sensoteq has formidable gross sales targets within the coming yr and we’re delighted to assist them by way of our Progress Fund as they embark on the following stage of their journey,” stated Rhona Barbour, Chief Funding Officer at Whiterock Finance.
“With a flexible product vary and a robust buyer base throughout numerous industries, the corporate has immense potential to develop into world markets and into new sectors.”
The Progress Finance Fund supplies loans of as much as £2 million to SMEs in Northern Eire.