Wheel and tyre safety business Wheely Safe has secured a £500,000 investment from the Midlands Engine Investment Fund (MEIF).
The Burntwood-based firm was launched in 2010 to help overcome the problems with wheel loss in the commercial vehicle industry in the UK, where up to 400 wheel detachments occur every year.
The company's products include sensors which help to detect when a wheel starts coming loose and tyre pressure monitoring systems.
Now Wheely Safe has secured MEIF funding to help grow its national presence and 'scale up' the business.
Gary Broadfield, managing director at Wheely Safe, said: "Despite having globally patented technology and a host of major fleets undergoing trials with our products, gaining funding has been challenging...the funding is proving invaluable as we expand our sales force throughout the UK."
Chris Rogers, investment manager at Maven, which manages the funding, said: "We are pleased to be able to support the team at Wheely Safe as it rolls out its range of innovative safety products, which have the capacity to minimise accident risk, reduce harmful emissions, and prevent disruption to our road network."
Alun Rogers, chair of Stoke-on-Trent and Staffordshire LEP added: "We're proud to be working with the Midlands Engine Investment Fund to continue supporting business growth in the local area.
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"By working in partnership to deliver this type of funding, we are able to invest in our economy and empower individual businesses like Wheely Safe to expand and develop."
The Midlands Engine Investment Fund is 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 2014-2022 and the European Investment Bank.
