Belfast-based tech firm, Sensoteq has secured a £500,000 loan to grow its sales and expand its workforce with plans to create 10 new jobs over the next year. The funding has been provided by Whiterock Finance’s Growth Finance Fund.
Established in 2016, Sensoteq is a market leading provider of wireless machine health monitoring solutions. Founders Alan McCall and Idir Boudaoud saw the opportunity for wireless sensing technology suitable for heavy duty industrial environments to monitor the performance and efficiency of machines. Designed to cut costs and reduce unplanned downtime, the sensors wirelessly connect the machinery to the internet, providing instant analysis and diagnostics.
Sensoteq’s products are currently used across a wide range of industries including automotive, pharmaceutical, mining, oil and gas, renewable energies, waste recycling, and food and beverage. Manufactured in Northern Ireland, the sensors are exported across the globe with the company boasting customers in North America, South America, the Middle East and Australia.
Following an ongoing period of growth, the company reached record sales in March 2022 and has an ambitious strategy to increase sales significantly over the next 2 years. Currently employing 27 staff across engineering, management, operations, finance and sales, the company also plans to use the funding to expand its team, creating 10 new jobs at its headquarters in the Gasworks, Belfast.
Finance for the £30m Growth Finance Fund has been provided by the British Business Bank, Invest Northern Ireland and private investors, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Idir Boudaoud, Chief Executive, Sensoteq, commented on the funding, “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. 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.”
Rhona Barbour, Investment Director, Whiterock Finance, said, “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. With a versatile range of products and a solid customer base across various industries the company has huge potential to grow into global markets and across new sectors. As they work to expand their team, we’re looking forward to seeing what they do next.”
The Growth Finance Fund provides loans from £500,000 up to £2million to established high growth potential SMEs in Northern Ireland. Companies seeking funding must be based in Northern Ireland and demonstrate existing growth.