The Sheffield-based firm embeds sensors within bearings and other moving parts to create ‘intelligent components’ which can monitor friction and wear and tear.
The results help companies to extend plant life, prevent critical failures and reduce energy use.
The investment will allow the company to expand its 23-strong team with the addition of 10 new staff over the next 12 months and invest further in product development.
As part of the deal, Sarah Sandle who is vice president of strategy at Rolls-Royce, will join the company as chairman.
Glenn Fletcher, CEO of Tribosonics, said: “We are a proud Sheffield business, flying the flag for Northern innovation, cutting edge engineering, and transformational IOT solutions.
“This investment will provide the resources to significantly enhance our technology platform and to expand our very talented team as we rapidly scale our commercial activities globally, using our unique sensing technology to create a more sustainable and valuable future.”
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