Technology firm in its Element with £250,000 investment
A Sheffield-based Internet of Things (IoT) solutions provider has secured a £250,000 investment to develop its headquarters, staff base and product portfolio.
Elements Technology Platforms was founded last year in Sheffield by Dr. Joe Handsaker. The business is developing software solutions that re-purpose consumer technologies for use in manufacturing, with a specific interest in exploring opportunities for wearable technologies in the sector.
Elements’ revenue model is to sell low-cost hardware, including smartphones and off-the-shelf proximity sensors for tagging manufacturing materials and to then charge a monthly subscription service fee for the products.
The £250,000 investment was made by NPIF – Mercia Equity Finance which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
The NPIF 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.
“We’re delighted that NPIF has supported Elements in its mission to target UK based companies with IoT solutions, that will help save costs and improve productivity by providing an insight into consumer behaviour and enhance consumer interactions.
“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.”
