A Durham-based IoT company, which has trebled in size in the past two years, has raised £480,000 to help expand into new markets.
Plexus Innovation has secured £300,000 investment from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia; and £180,000 from the Finance Durham Fund, which is managed by Maven Capital Partners, established by Durham County Council and overseen by Business Durham.
Plexus Innovation’s GUARDIAN technology remotely monitors and measures temperature, CO2, humidity and water systems, enabling insight-driven decisions, reduction of energy use and provision of real-time data for use in compliance reporting by clients in sectors including social housing, education and health and care.
The system also provides automated alerts to highlight potential health risks or failing assets that otherwise may be overlooked.
The funding will be used to accelerate product development and boost market penetration in other sectors including manufacturing, leisure and hospitality.
The latest investment follows a £400,000 funding round in 2020. Since then the company has tripled to employ an eight-strong team and is planning to create two new jobs in the coming months.
Alex Simpson, investment manager at Mercia, said: “Plexus Innovation is on a mission to replace manual measurements and make remote monitoring the norm. The initial funding round enabled Steve and Ian to build their team and establish their presence within the social housing and care sectors. The latest investment will enable them to roll it out to a much wider range of clients.”
