A UK Industrial Internet of Things (IIoT) solution provider is celebrating a record 12 months in style after it completed a successful £2.1 million ($2.8 million) investment raise.
Konektio, the new name for InVMA, is taking advantage of the sector’s desire for digital transformation by rolling out its AssetMinder SaaS platform to help clients improve processes, runtime, safety and environmental performance by dynamically connecting people, process, places and things and providing intelligent insights and recommendations every day.
The funding round for Konektio was led by fund managers Mercia and Foresight, investing from both the Midlands Engine Investment Fund and Northern Powerhouse Investment Fund and included existing investor Tern plc.
The additional capital will allow the firm to embed its technology in the operations of even more customers across industries including food processing, manufacturing, logistics, and water/waste treatment industries – monitoring and analysing tens of thousands of assets every day.
It will also facilitate the recruitment of additional staff both at its HQ in Chesterfield and in its recently opened first overseas office in the Research Triangle Park in North Carolina, United States.
“We are entering the exciting scale-up period of our business and fully expect to significantly grow revenues over the coming months, leveraging the power of our solutions and the reach of our channel partners, including Dexis, ECA, PTC and u-blox. The institutional investment secured, including further support from Tern, will help us achieve these goals,” explained Peter Stephens, Chief Executive Officer of Konektio
“The next industrial revolution is about empowering people to do more with less and our rebrand to Konektio reflects that. It cuts through the buzzwords and all the terminology to focus on what our technology does best – connecting everyone with everything and providing intelligent insights people need.”
Al Sisto, CEO of Tern Plc, added his support: “We are very pleased that Konektio has secured a significant institutional investment, in order to fund the next phase of its growth. We welcome the Mercia funds as our partners, alongside the management and founders of Konektio, to help the business achieve its full potential.”
Konektio’s main product is AssetMinder, an IIoT SaaS product that dynamically connects people, process, places and things – from on-site factory floors to the remotest locations they operate in, all designed to drive value across a business with value added insights, recommendations and targeted data driven analysis.
The technology gathers data from assets and devices and displays it to all members of the customer’s team via a single interface, allowing them to make informed decisions on maintenance, servicing, tweaks to processes and how they manage their energy usage.
Thousands of assets – from conveyor belts and fans to crushing equipment and robotic lasers – are currently connected to AssetMinder, with companies using it to consistently deliver increased runtimes and productivity, not to mention achieving greater control of their environmental footprint.
The core AssetMinder solution is already being utilised across 15 different sectors, with a number of new ‘extensions’ being launched in 2022 to offer customers even more features.
Co-founders Patrick Nash, Jan Hemper and Jon Hill, continued: “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 short and long-term returns on investment.
“This is really good news for our business, and we are looking to capitalise on this fast-growing trend by investing significantly in product development, R&D and in supporting our global customers by creating a network of international offices.
“The US technical centre is an important first step in this plan and will allow us to provide on-the-ground support to clients in this territory, as well as identifying new opportunities in that market.”
Peter concluded: “Our name change from InVMA to Konektio, reflects our ambition to be a company that creates true connected Industrial IoT communication and collaboration for a wide range of businesses.”
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.