Sheffield-based Elements Technology Platforms has secured £250,000 from the Northern Powerhouse Investment Fund (NPIF) to develop its headquarters, workforce and product portfolio.
The investment was made by NPIF – Mercia Equity Finance which is managed by Mercia Fund Managers.
Elements, in 2018 in Sheffield by Dr Joe Handsaker, is an Internet of Things (IoT) service provider for small and micro manufacturers.
The business is developing software that re-purposes consumer technologies for use in manufacturing, with a specific interest in exploring opportunities for wearable technologies.
The £250,000 funding will support the company’s product portfolio by creating advanced prototypes and validating its market offering. It will also be used to secure a premises in Sheffield and hire four new technical and sales staff members.
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, added: “Elements is a truly unique and impressive business that is exploring opportunities for wearable technologies in the manufacturing sector. The company is already on the path to success, having won an Industry 4.0 Summit award and liaising with high profile businesses such as Rolls Royce.
“This investment will support the future of the business as it looks to boost headcount and open a new headquarters in Sheffield and I look forward to seeing this northern-based business grow in the coming months.”