Belfast-based Sensoteq is to create 10 jobs in the next year after it secured £500,000 (€569,330) to expand its business.

The loan, which was secured from Whiterock Finance’s growth finance fund, will help the company grow its sales and expand its workforce.

The company, which provides wireless machine health monitoring solutions, is targeting significant growth in sales in the next two years. It employs 27 people at its engineering, management, operations, finance and sales operations.

“Over the past 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 chief executive Idir Boudaoud. “The funding provided by Whiterock Finance will help us implement our sales strategy as we build our network of distributors to move into new markets.”

Founded in 2016 by Alan McCall and Mr Boudaoud, Sensoteq provides wireless sensing technology for use in heavy duty industrial environments to monitor the performance and efficiency of machines, to help cut costs and reduce down time. The company’s products, which are manufactured in Northern Ireland, are used across a range of industries including automotive, pharmaceutical, mining, oil and gas, renewable energies, waste recycling and food and beverage across the globe.

The growth finance fund provides loans to established small and medium-sized businesses in Northern Ireland with high potential, ranging from £500,000 to £2 million. Companies must show existing growth to qualify for the loans.

“Sensoteq has ambitious sales targets in the coming year, and we are excited to support them through our growth finance fund as they embark on the next stage of their journey,” said Whiterock Finance investment director Rhona Barbour, noting the company’s “huge potential” to grow into global markets and across new sectors.