FourJaw, a Sheffield, UK-based IoT startup that helps manufacturers to optimize productivity and reduce energy use, raised £1.8M in funding.
The round, which brought the total amount to £4M, saw participation from NPIF – Mercia Equity Finance and Mercia’s EIS funds.
The company intends to use the funds to accelerate product development and invest in its technology and customer success teams, creating seven new jobs.
Founded in 2020 by Chris Iveson and Robin Hartley-Willows, FourJaw provides manufacturers with a solution featuring real-time insights to inform operational and commercial decisions. The platform acts as a fitness tracker for machines, monitoring ‘vital signs’ such as machine utilisation and energy usage. It then turns the data into actionable insight that enables manufacturers to remove inefficiencies from the factory floor. The solution is now used by over 120 manufacturers worldwide in sectors ranging from aerospace and automotive to energy and food production.
The company currently employs 20 staff.
FinSMEs
09/10/2023