FourJaw, a Sheffield-based startup that monitors factory machinery to spot inefficiencies, has secured £1.8m in funding from a fund managed by Mercia.
FourJaw has created hardware that it says can be installed in minutes and connected to any machine. Manufacturers can then monitor the performance of machines using FourJaw’s software platform, accessible on a tablet device.
Performance data is stored on the cloud and more than 120 manufacturers globally use the “fitness tracker for machines”, FourJaw said.
The startup was founded as a spinout from the University of Sheffield’s Advanced Manufacturing Research Centre by Chris Iveson and Robin Hartley in 2020.
FourJaw said the funding will create seven new jobs in technology and customer success roles, adding to its current headcount of 20.
It will also use the funds to acquire new customers and develop its manufacturing analytics platform.
The funding was raised from NPIF – Mercia Equity Finance. It is managed by Mercia and part of the Northern Powerhouse Investment Fund, which is supported financially by the European Regional Development Fund.
“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,” said Chris Iveson, co-founder and CEO of FourJaw.
It brings FourJaw’s total funding to almost £4m, with its previous round attracting £1m in early-stage funding last year. Its previous backers include investment firm SFC and Innovate UK, the government’s innovation funding arm.
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.”