Good vibrations as 8power raises £2m growth capital
Cambridge sensor technology innovator 8power has completed a £2 million funding round to underpin expansion across the UK and Europe.
The growth capital is timely as 8power continues to gain traction and grow in the Industrial Internet of Things market.
The round includes follow-on investment from IP Group, Cambridge Enterprise, 8power management and HNWI investors and welcomes the Low Carbon Innovation Fund 2 (LCIF) which is managed by Turquoise, a UK merchant bank specialising in energy, environment and efficiency.
8power has developed and supplies ‘Fit & Forget’ real-time condition monitoring data & analytics that lets industrial clients see how their assets are performing at all times – typically across thousands of remote assets such as pumps, motors and gearboxes.
A major USP of the patented technology initially developed at The University of Cambridge is that the sensors can operate without battery power or being hardwired as they harvest energy from the vibrations of asset operation.
This means sensing, wireless communications and on-device analytics are not limited as is the case with typical battery powered solutions opening significant opportunities for true real-time data and asset management.
Kevin Murphy, director at Turquoise, said: “8power’s solution for key industrial machinery helps the customer identify problems with industrial machinery and plan maintenance and interventions to extend the life of an asset and prevent catastrophic failure.
“Our involvement fits very well in the investment strategy of LCIF2 into technologies helping to reduce greenhouse gases.”
Paul Egan, CEO of 8power added: “We are delighted to welcome LCIF2 as an investor in 8power. This investment will enable us to achieve our goal of growing the business in the UK and Europe, as well as strengthen our links to local and national government.”
8power continues to have a particular focus and growth in the UK water industry and has plans to operate internationally and in additional markets including energy, chemical, HVAC, Oil & Gas and wider industrial settings.