Software firm, Think360, has received growth funding after securing more than £5m of potential new business.
The Hull company’s AI software was originally designed for ports, logistics and manufacturing, but has recently expanded into the care home sector and is also being used to monitor cranes and industrial equipment.
In the last few weeks it’s secured £1m+ of new contracts, with a further £4m of new business in the pipeline. It’s also raised £100k from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II).
The investment cash will be used as additional working capital so it can take on more projects and expand its team with the creation of 3 new jobs.
Think360 was founded in 2018 by Martin Lauer, who’s also CEO of Hull IT and telecoms company, The One Point. In 2021 he was joined by Ian Crowder and Tony Grimes, who have over 40 years’ software experience between them and moved into AI-powered software products.
“Think360 has made remarkable progress in the past two years since the launch of our proprietary software,” explained Lauer.
“Our products have gained traction in all of our key sectors and we have secured some high-profile clients. Following a spate of new contact wins, we also have a strong pipeline of new business. The funding will enable us to meet growing demand and continue our success story.”
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Its logistics and manufacturer offer is called AI Suite and is used by RMS Ports, Immingham Transport and cosmetics manufacturer Orean Personal Care.
It’s now added AI Homecare for care providers to manage home visits and share care plans with relatives.
“AI is reshaping the ports and logistics sector by driving automation and transforming the way care is delivered in patients’ homes,” said Rebecca Pickering of Mercia Debt.
“Think360 is at the forefront of these exciting developments. We are pleased to be able to support Martin, Ian, Tony and the team in their plans to achieve further growth and establish the company as a leader in its field.”
The company currently employs 6 permanent staff as well as up to 22 independent contractors including software testers and analysts.
