UK IIOT provider toasts £2.1m investment raise

A UK Industrial Internet of Things (IIoT) solution provider has completed a successful £2.1m investment raise led by fund managers Mercia and Foresight.

IIOT
Image by jeferrb from Pixabay

The funding will allow Konektio – formerly InVMA – to embed its technology in the operations of more customers across industries including food processing, manufacturing, logistics, and water/waste treatment industries. It will also help the company recruit additional staff at its base in Chesterfield and in its recently opened office in the Research Triangle Park in North Carolina, United States.

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“We are entering the exciting scale-up period of our business and fully expect to significantly grow revenues over the coming months, leveraging the power of our solutions and the reach of our channel partners, including Dexis, ECA, PTC and u-blox. The institutional investment secured, including further support from Tern, will help us achieve these goals,” said Peter Stephens, CEO of Konektio.

Konektio’s main product is AssetMinder, an IIoT SaaS product said to dynamically connect people, process, places and things.

The technology gathers data from assets and devices and displays it to all members of the customer’s team via a single interface, allowing them to make decisions on maintenance, servicing, alterations to processes and how they manage their energy usage.

Thousands of assets – from conveyor belts and fans to crushing equipment and robotic lasers – are currently connected to AssetMinder, with companies using it to deliver increased runtimes and productivity.

Co-founders Patrick Nash, Jan Hemper and Jon Hill believe that companies have started to cut through the confusion around digital manufacturing and the next industrial revolution and now share a desire to see how the intelligent use of data can deliver short and long-term returns on investment.

“This is really good news for our business, and we are looking to capitalise on this fast-growing trend by investing significantly in product development, R&D and in supporting our global customers by creating a network of international offices,” they said in a statement. “The US technical centre is an important first step in this plan and will allow us to provide on-the-ground support to clients in this territory, as well as identifying new opportunities in that market.”