A Belfast engineering tech firm is creating new jobs after securing a £500,000 loan aimed at growing its global sales.
Sensoteq makes wireless sensors which monitor machinery in industrial environments in real time and has plans to grow its business significantly over the next two years, including adding 10 people to its team of 27 based in the Gasworks in Belfast.
Sensoteq’s products are currently used across a wide range of industries including automotive, pharmaceutical, mining, oil and gas, renewable energies, waste recycling, and food and beverage. Manufactured in Northern Ireland, the sensors are exported across the globe with the company boasting customers in North America, South America, the Middle East and Australia.
As well as helping boost headcount, the funding, which has come from Whiterock Finance’s Growth Finance Fund, will go toward expanding the company’s distribution network around the world, Idir Boudaoud, Chief Executive of Sensoteq said.
“Over the past 12 months, Sensoteq has achieved significant growth and we have ambitious plans to continue that trajectory by expanding our team and developing our customer base globally,” he said. “The funding provided by Whiterock Finance will help us implement our sales strategy as we build our network of distributors to move into new markets.”
The Growth Finance Fund provides loans from £500,000 up to £2million to established high growth potential SMEs in Northern Ireland. Companies seeking funding must be based in Northern Ireland and demonstrate existing growth.
“Sensoteq has ambitious sales targets in the coming year, and we are excited to support them through our Growth Finance Fund as they embark on the next stage of their journey,” Rhona Barbour, Investment Director, Whiterock Finance, said. “With a versatile range of products and a solid customer base across various industries the company has huge potential to grow into global markets and across new sectors.
“As they work to expand their team, we’re looking forward to seeing what they do next.”
