Published: Nov 14, 2023
Focus: Growth Capital
The Maven VCTs have led a £3.1 million funding round, which includes a £600,000 investment from TechStart Ventures, for technology company, Sensoteq
Sensoteq designs and manufactures a range of wireless sensors for the condition monitoring market. These sensors help track critical parameters such as temperature and vibration on high wear components in a wide range of industrial applications.
Maven’s investment will help Sensoteq commercialise and accelerate the worldwide rollout of its existing suite of wireless sensors. The funding will also enable the business to expand its product range, provide increased customer support, while investing in sales and marketing resources to further capitalise on the large addressable market.
Sensoteq’s products remove the need for manual inspection, allowing for remote and continuous monitoring of production equipment in some of the harshest industrial environments and hazardous locations, enabling customers to avoid costly and disruptive downtime on critical machines.
Founded in 2016, the business has in recent years invested in creating a scalable end-to-end cloud platform, capable of predictive analytics to help customers anticipate and proactively avoid failure of business critical production assets.
Sensoteq’s products are now utilised globally in a diverse range of industries, including automotives, pharmaceuticals, mining, oil and gas, renewable energies, waste recycling, and food and beverage.
The global machine condition monitoring market is expected to grow in size from $2.8 billion in 2022 to $4 billion by 2027, representing a compound annual growth rate of 7.8% (source: MarketsandMarkets).
“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. We have been hugely impressed by the global reach of the company and demand for the technology, and we are aware that customers greatly value and rely upon the technical expertise and support of the entire Sensoteq team. We look forward to working with Idir and Alan to further grow the business.”
Alan Robertson, Partner at Maven
“The investment supports the next phase of Sensoteq’s growth trajectory and is a reaction to the market success the business has experienced. From our initial investment funded by Techstart Ventures, to the current funding round executed by Maven, the company has continued to enjoy a global demand for its products and an increased presence in the condition monitoring marketplace. 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.”
Idir Boudaoud, Co-founder and CEO at Sensoteq