Belfast-based startup Sensoteq, which develops wireless machine health monitoring technology, has secured a £500,000 loan as it looks to expand its workforce.
Founded in 2016, Sensoteq designs sensor technology to monitor heavy-duty industrial machinery. The company’s product tracks the performance and efficiency of the equipment to provide insight into whether gear needs maintenance or replacement.
Sensoteq’s products are used in the automotive, pharmaceutical, mining, energy, and waste recycling industries, among others.
The funding was provided through the Growth Finance Fund from the Northern Irish investment group, Whiterock Finance.
“Over the past 12 months, Sensoteq has achieved significant growth and we have ambitious plans to continue that trajectory by expanding our team and developing our customer base globally,” said Sensoteq CEO, Idir Boudaoud.
“The funding provided by Whiterock Finance will help us implement our sales strategy as we build our network of distributors to move into new markets.”
The company currently employs 27 staff and will use the new funding to create 10 additional roles at its Belfast headquarters.
“Sensoteq has ambitious sales targets in the coming year, and we are excited to support them through our Growth Finance Fund as they embark on the next stage of their journey,” said Rhona Barbour, investment director at Whiterock Finance.
“With a versatile range of products and a solid customer base across various industries, the company has huge potential to grow into global markets and across new sectors.”
The Growth Finance Fund provides loans of up to £2m to SMEs in Northern Ireland.