A Sheffield IoT start-up that helps manufacturers to maximise productivity and reduce energy use has raised £1.8m from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, Mercia’s EIS funds and private investors.

The funding will enable FourJaw Manufacturing Analytics to further enhance its machine monitoring platform and expand its customer base. FourJaw’s award-winning 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.

Unlike traditional monitoring systems which are usually costly to set up and have to be hardwired into each machine, FourJaw’s technology can be installed in minutes, connected to any machine and is accessible to manufacturers of all sizes.

FourJaw was founded in 2020 by Chris Iveson and Robin Hartley-Willows, who had previously worked together at the University of Sheffield’s Advanced Manufacturing Research Centre. Its platform 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. The latest funding brings the total raised to date to almost £4m and will enable FourJaw to accelerate product development and invest in its technology and customer success teams, creating seven new jobs.

Chris Iveson, co-founder and CEO, said: 

“Improving productivity, sustainability and profitability are the three key challenges facing manufacturers today. FourJaw provides an affordable solution to overcome them and unlock opportunities by providing real-time insights to inform operational and commercial decisions. The funding will help us accelerate our vision to maximise manufacturing productivity across the globe which in turn will help elevate lives, communities and society.”

Chris Borrett of Mercia said: 

“Manufacturing is an enormous industry that is undergoing massive digitisation. Until now individual machine data across the entire assembly line has been prohibitively expensive and cumbersome to install. FourJaw is changing the game, providing the data, the platform and the intelligence required for manufacturers from all sizes and sectors to radically evolve their operations.”

Keira Shepperson, Director at British Business Bank said: 

“The £1.8m investment is a significant boost for FourJaw, which underscores the growing importance of IoT technology in optimising manufacturing processes.   Not only will this investment enable FourJaw to enhance its platform, but it will facilitate its growth to expand beyond Sheffield. It’s exciting to see innovative small businesses like FourJaw make a real impact in the manufacturing sector, and it’s great to see Sheffield leading the way.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank. 

ENDS

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Connected Capital’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£1.4 billion of assets under management and, since its IPO in December 2014, has invested c.£111million gross into its direct investment portfolio.

The Group raises its own Enterprise Investment Scheme (EIS) Funds and manages Venture Capital Trusts (VCTs) details about open offers can be found through Mercia’s website.

Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –

• Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
• Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
• EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560 www.mercia.co.uk

About The Northern Powerhouse Investment Fund

• The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
• The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity,
• The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
• The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Hull and East Yorkshire, Leeds City Region, South Yorkshire Mayoral Combined Authority, York & North Yorkshire
• The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up,  Housing and Communities is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.
• The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.