Senceive has received £750,000 investment from the Rail Supply Growth Fund to support its domestic and international expansion in rail and the construction and mining industries.
The investment will see the company continue to develop its intelligent condition monitoring system and increase its workforce with an aim to become a leading supplier of monitoring technology for the rail industry, the firm said.
The Rail Supply Growth Fund, managed by Finance Birmingham and supported by the government, provides flexible finance to businesses across England that are focused on capitalising on opportunities across the global railway sector.
Commenting on the investment Senceive CEO Graham Smith said: “Senceive is committed to delivering the very best and innovative monitoring solutions to all our clients within the rail and construction industries to help them improve performance and efficiency, whilst minimising risk and disruptions as well as benefiting from significant cost savings.
“We work very closely with the industry and over the past few years we’ve generated real momentum, with clients and industry partners throughout the world recognising the potential and practical application of our wireless enabled condition monitoring technology.
“This investment from the Rail Supply Growth Fund will help us to maintain this momentum, refine our technology and build upon our portfolio of increasingly global clients to accelerate growth”.
According to Senceive, its wireless solutions help rail and construction clients to gain vital information and insights on the state of their infrastructure, to improve the reliability and safety of their assets and services in a highly cost-effective and robust manner.
Finance Birmingham investment director Jack Glonek said: “Senceive is an exciting example of one of the types of business the Fund is focused on supporting – a rail-focussed firm with ambitious growth plans and a dynamic management team.
“Finance Birmingham is proud to help a company that has significantly grown over the past three years and has ambitious future growth plans to enhance the delivery of its impressive condition monitoring solutions to a global market”.