Industrial Internet of Things (IIoT) solution provider Konektio has secured a £2.1m investment to help it expand its services in Europe and build up its fledgling US presence.
The new cash round was led by fund managers Mercia and Foresight, investing from both the Midlands Engine Investment Fund and the Northern Powerhouse Investment Fund, and included existing investor Tern.
The additional capital should allow the firm to embed its technology in the operations of more customers across industries, including food processing, manufacturing, logistics and water/waste treatment industries - monitoring and analysing thousands of things every day.
It will also facilitate the recruitment of additional staff both in the UK and in the firm's recently opened first overseas office in the Research Triangle Park in North Carolina, the US.
“We are entering the exciting scale-up period of our business and expect to significantly grow revenues over the coming months,” said CEO Peter Stephens. “The institutional investment secured, including further support from Tern, will help us achieve these goals.”