High-tech start-up company opens Coventry office
A high-tech start-up business that has plans to transform electric motor technology has opened an office in Coventry to take advantage of regional links to the automotive industry and to have direct connections with the University of Warwick.
Monumo has been operating for 18 months from its base in Cambridge after being established by Ian Murphy, Dominic Vergine and Martin Frost.
The company is now ramping up research and development following £10m of investment.
Monumo has just taken an office at Sovereign Court at the University of Warwick Science Park where a growing team will be based to develop hardware such as motors, electronics and processors.
The business, which is maintaining its base in Cambridge for its software team, is aiming to use Machine Learning and AI technology to create high-performance electric motors that are more efficient in every way – from cost through to weight, recyclability and energy use.
It is already having high-level talks with potential end-users for its products and is close to striking its first deals.
The technology will not only be applied to the automotive sector but for other industrial uses too, such as pumps and air conditioning units.
Monumo president Ian Murphy said: “We are developing the hardware and software at this stage and, in about one year’s time, we will physically have something we can sell to industry.
“There is a clear and genuine need to improve the performance of electric motors, in every sense, and we are working with ML and AI to develop technology which can bring about cost and energy savings.
“There was a strategic need for us to come to this region and the fact that we could base ourselves at the University of Warwick Science Park is a major boost. There is a critical mass of businesses here in this region and that means we have potential customers on our doorstep but also the right skills base.
“Having links to the University of Warwick’s research capabilities and talent is very important too and we are looking forward to growing here as we seek further investment in around a year’s time.”
Mark Tock, COO at the University of Warwick Science Park, said: “It is a real coup to attract companies like Monumo to the University of Warwick Science Park.
“The company is at the cutting edge of motor technology and really is aiming to revolutionise the industry.
“By being here, they have all of the support and benefits that being on the Science Park brings, they have the expertise of the University of Warwick including WMG on their doorstep, and they have a pool of talent and potential client-base that no other area can offer.
“It is the perfect fit and we look forward to supporting Monumo on it’s very exciting journey in the coming months and years.”