Burnley tech firm on growth path due to £500k funding pot

Burnley digital technology firm +24, has secured a six-figure investment grant from the Government-backed Innovate UK SMART fund.

It is one of only 10 tech companies in the country to be supported by the research and development-based Innovate SMART funding grant within their innovation area.

The £270,000 grant, awarded following a rigorous submission process, will be boosted by a further investment by +24, totaling close to £500,000, as the company embarks on an ambitious expansion plan.

The Innovate UK SMART grant comes from a government-backed initiative inviting organisations to apply for a share of up to £25m for game-changing and commercially viable R&D innovations that can significantly impact the UK economy.

Dave Walker, +24 founder and MD, said: “The grant is hugely important for +24.

“It was a robust application process and we are delighted to be one of only a handful of tech businesses in the UK to have been awarded the funding.

“There were over 120 companies who applied, with only 6.7% being awarded the research and development funding.

“This grant and our own additional investment, allows us to accelerate the development of our hardware capabilities.”

He added: “We’ve been developing bespoke software solutions for businesses for years and have recently developed IoT solutions for manufacturers wanting to make their products smart and integrate into the cloud.”

“This technology focuses on utilisation of data in key focus areas such as carbon reduction/environmental impacts, space optimisation, staff health and wellbeing and safety.”

The Innovate UK SMART grant signals a strong move by +24 to utilise its technological capabilities to enter into new commercial avenues, stimulating significant growth for the business.

Dave said: “It positions +24 as a true digital and technological innovator and signals our ambition to be leading the industry.

“We are now offering the service to invent and develop hardware technology which can communicate with our software in the cloud to further enhance our service offering to a vast range of businesses.

“For example, we already have a ground breaking product which we have developed from the ground up for one of our longstanding clients in the lighting sector.”

The investment has already resulted in job creation with three new positions and more to follow.

Dave added: “The importance of the grant from Innovate UK cannot be underestimated.

“It means we are now able to scale up significantly to develop leading edge IT technology for manufacturers both nationally and internationally.

“Ultimately, this will help support growth across all our brands, including +24 Software, +24 Academy, our digital apprenticeship training business, as well as our core business.”