A Chesterfield-based business which aims to transform industry with its Internet of Things software platform has raised a £2.1m funding package to accelerate its international expansion thanks to a fund backed by the D2N2 LEP.
Konektio received funding from both the Midlands Engine Investment Fund (MEIF) and Northern Powerhouse Investment Fund (NPIF), managed by Mercia and Foresight Group, with additional funding from existing investor Tern plc.
The funding will allow Konektio to further develop the product, boost its sales and marketing team, create a number of new highly skilled roles at its headquarters, and grow sales in international markets.
Konektio’s main product AssetMinder enables companies to connect to and monitor assets, ranging from individual components to turbines in remote locations or assets across an entire factory floor.
Launched just over two years ago, AssetMinder is now used across multiple sectors from food processing and manufacturing to logistics, energy and water industries. Konektio clients include maintenance and repair operation Dexis, GCE Healthcare, global engineering company Howden and gas turbine manufacturer Centrax, among many others.
The company, which was previously known as InVMA, was founded by Patrick Nash, Jan Hemper and Jon Hill, who recognised the need for the software due to their work as industrial IoT consultants. It now employs around 20 staff at its headquarters in Chesterfield and has recently opened an office in North Carolina.
Peter Stephens, CEO of Konektio, said: “Companies have started to cut through the confusion around digital manufacturing and the next industrial revolution and now share a real appetite to see how the intelligent use of data can deliver returns on investment.
“This is really good news for our business, and we are looking to capitalise on this trend by investing significantly in product development, R&D and expanding our global customer base. The investment secured will help us achieve these goals.”
Grant Peggie, Director at the British Business Bank, said: “It’s great to see fund managers from MEIF and NPIF collaborate to invest in a growing innovative business in Chesterfield. This latest deal will support Konektio’s expansion in international markets and boost the local economy with the creation of new high skilled jobs. We encourage other businesses in the Derbyshire area looking to grow to consider investment available from the Bank’s regional funds.”
The Midlands Engine Investment Fund
The Midlands Engine Investment Fund provides over £250m of investment to boost SME growth in the Midlands Engine Investment Fund area. It provides a range of affordable financial products to small and medium-sized businesses (SME) across the D2N2 region such as Small Business Loans, Debt, Equity and Proof of Concept funds to help businesses achieve their growth ambitions
The Midlands Engine Investment Fund is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East Midlands. The MEIF is supported by the European Regional Development Fund (ERDF), the European Investment Bank, Department of Business, Energy and Industrial Strategy and British Business Finance Ltd.
The D2N2 ERDF contribution to MEIF is £11.75m.
