Konektio, a UK business that aims to transform the industry with its Internet of Things (IoT) software platform has raised £2.1m to accelerate its international expansion.

The Chesterfield-based business received funding from both the Midlands Engine Investment Fund (MEIF) and Northern Powerhouse Investment Fund (NPIF), managed by Mercia and Foresight Group, along with existing investor Tern plc.

The business plans to use the funding to further develop the product, boost its sales and marketing team, create a number of new roles at its headquarters, and grow sales in international markets.

Konektio’s main product AssetMinder enables companies to connect to and monitor assets, ranging from individual components to turbines in remote locations or assets across an entire factory floor. AssetMinder, which was commercially launched just over two years ago, is now used across multiple sectors from food processing and manufacturing to logistics, energy and water industries

The company, which was previously known as InVMA, was founded by Patrick Nash, Jan Hemper and Jon Hill, who recognised the need for the software due to their work as industrial IoT consultants. It now employs around 20 staff at its headquarters in Chesterfield and has recently opened an office in North Carolina.

Peter Stephens, CEO of Konektio, said: “Companies have started to cut through the confusion around digital manufacturing and the next industrial revolution and now share a real appetite to see how the intelligent use of data can deliver returns on investment.

“This is really good news for our business, and we are looking to capitalise on this trend by investing significantly in product development, R&D and expanding our global customer base. The investment secured will help us achieve these goals.”

Kiran Mehta, Investment Manager at Mercia, said: “Konektio is a deep tech company with the potential to transform industries ranging from manufacturing to infrastructure and power generation. The team are renowned for their knowledge and strong track record. This funding round will enable them to take their product to the next level and establish the company on the global stage.”

The Midlands Engine Investment Fund and Northern Powerhouse Investment Fund projects are 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.