UK internet of things (IoT) software platform Konektio has raised £2.1m to accelerate its international expansion.
The startup will use the capital to develop its product and add to its sales and marketing team. It will also create new “highly-skilled” roles at its headquarters in Chesterfield and in its recently opened first overseas office in the Research Triangle Park in North Carolina, US.
Konektio, which was previously known as InVMA, received funding from the EU-backed Midlands Engine Investment Fund (MEIF) and Northern Powerhouse Investment Fund (NPIF), managed by Mercia and Foresight Group, along with existing investor Tern.
The company’s offering, AssetMinder is a software platform used to remotely monitor assets ranging from wind turbines to specific components in manufacturing equipment.
The data it provides on assets can be used to inform maintenance and reduce downtime.
AssetMinder launched just over two years ago and is now used across multiple sectors, ranging from food processing and manufacturing to logistics, energy and water industries. The company’s clients include maintenance and repair operation Dexis, GCE Healthcare, global engineering company Howden and gas turbine manufacturer Centrax, among many others.
“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,” said Peter Stephens, CEO of Konektio.
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