Maven Capital Partners has led a £3.1m investment round into Belfast-based wireless sensor company Sensoteq.
Established in 2016, Sensoteq has developed a range of sensors used to monitor industrial machinery’s temperature and vibration, which can be analysed remotely through the firm’s software.
The sensors have applications in various sectors such as renewable energy, pharmaceuticals and automotive, according to the company.
Alan Robertson, a partner at Maven, said: “Sensoteq has developed and launched a market leading product, giving clients access to previously unobtainable data that is invaluable in ensuring the health and ongoing performance of key production equipment.”
TechStart Ventures joined Maven and contributed £600,00 towards the £3.1m round.
At the start of the year, Sensoteq received a £500,000 loan from the Growth Finance Fund to grow its headcount.
The startup’s cloud software aims to reduce the need to go into potentially dangerous environments and minimise the downtime of machines.
Idir Boudaoud, CEO and co-founder of Sensoteq, said: “The investment by Maven adds significant scope to the next phase of business growth internationally, and we look forward to expanding our team and services worldwide in order to support our customers in each of our global locations.”
Sensoteq’s funds will also be spent on adding new products, customer support, marketing and sales.