Belfast-based startup Sensoteq, which develops wireless machine health monitoring technology, has secured a £500,000 loan as it looks to expand its workforce.
Founded in 2016, Sensoteq designs sensor technology to monitor heavy-duty industrial machinery. The company’s product tracks equipment performance and efficiency to provide information about whether equipment needs maintenance or replacement.
Sensoteq’s products are used in the automotive, pharmaceutical, mining, energy, and waste recycling industries, among others.
Funding was provided through Northern Ireland investment group Whiterock Finance’s Growth Finance Fund.
“Over the last 12 months, Sensoteq has achieved significant growth and we have ambitious plans to continue that trajectory by expanding our team and developing our customer base globally,” said Sensoteq CEO Idir Boudaoud.
“The financing provided by Whiterock Finance will help us implement our sales strategy as we build our dealer network to enter new markets.”
The company currently employs 27 people and will use the new funding to create an additional 10 positions at its Belfast headquarters.
“Sensoteq has ambitious sales targets for the coming year, and we are excited to support them through our Financing for Growth Fund as they embark on the next stage of their journey,” said Rhona Barbour, Chief Investment Officer at Whiterock Finance.
“With a versatile range of products and a strong customer base across various industries, the company has tremendous potential to grow in global markets and into new sectors.”
The Growth Finance Fund offers loans of up to £2m to Northern Ireland SMEs.
