Sheffield tech firm Elements Technology Platforms has attracted a £250,000 investment from the Northern Powerhouse Investment Fund (NPIF).
The firm, founded last year in Sheffield by Dr Joe Handsaker, is an Internet of Things (IoT) solutions provider for small and micro manufacturers.
The business is developing software solutions that re-purpose consumer technologies for use in manufacturing, with a specific interest in exploring opportunities for wearable technologies in the sector.
The cash injection will be used to develop its headquarters, staff base and product portfolio.
The investment was made by NPIF – Mercia Equity Finance which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
Elements’ revenue model is to sell low-cost hardware, including smartphones and off-the-shelf proximity sensors for tagging manufacturing materials and to then charge a monthly subscription service fee for the products.
Ashwin Kumaraswamy, Investment Director at Mercia Fund Managers, said: “Small and micro firms make up 90 per cent of the UK’s manufacturing capacity. Joe and his team of young entrepreneurs have found a way to help them deploy the latest technology to digitize production and enhance quality and productivity.”
Sean Hutchinson, Senior Manager at British Business Bank, said: “Elements is a truly unique and impressive business.”