A Sheffield-based technology company co-founded by an Insider 42 Under 42 has secured a six-figure investment from a combined angel and venture capital syndicate, valuing it at £2m.
FourJaw, a spinout from the University of Sheffield Advanced Manufacturing Research Centre (AMRC), has developed cloud-based data capture and analysis technology to boost manufacturing factory floor productivity.
Having previously been awarded a Business Productivity Programme grant in January 2021 to accelerate the development and roll out of its productivity maximising platform, the business has now secured combined angel and venture capital investment.
With the support of regional not-for-profit investment organisation NorthInvest, FourJaw now has the backing of 12 angel investors.
FourJaw co-founder Robin Hartley, who was recently named as one of Insider’s 42 Under 42, said: “We could not have asked for a better start; this six-figure investment puts us on track to refine and develop our technology in time for the launch of our next product in the spring – a plug and play device that unlocks step changes in productivity for British manufacturers, supporting a rapid post-Covid recovery and keeping the UK’s exporters truly competitive in the global marketplace.”
Ed Stevenson, investment manager at SFC Capital, the venture capital firm which added a significant sum to the combined angel investment and one of the larger investors in FourJaw, said: “This investment shows our confidence in the game changing technology that FourJaw has developed.
“Much of UK manufacturing is tired with the hype surrounding Industry 4.0. But FourJaw have created a data-driven, productivity booster that is simple to install, easy to use and affordable to run. It is a technology right for its time, driving a manufacturing renaissance for post-Brexit and post-Covid Britain where productivity and competitiveness will be essential.”
Bart Simpson, FourJaw chairman, and former senior operations director at Autodesk, added: “FourJaw have hit upon a beautifully simple tool that is affordable, adaptable and accessible to the overwhelming majority of machining shop floors in the UK. It elegantly sidesteps the often costly and complex big ticket alternatives, to deliver the right information at the right time – which is real time – securely on the cloud.
“A handheld tablet gives staff, from the shop floor to the top floor, easy-to-digest data that will drive big improvements in productivity, thus securing UK jobs and international markets against fierce global competition.”