Chesterfield-based Internet of Things business InVMA Limited, trading as Konektio, has been placed in administration. Konektio provides software-as-a-service solutions to industrial customers to assist with reducing energy costs, monitoring equipment and minimising carbon emissions. Tern Plc, an investor which holds 8.8% of the company’s shares, reported the development to the London Stock Exchange. Unfortunately, Tern also stated that it is unlikely that any value will be realisable from its holding. It had decided not to invest further in Konektio in November 2023, with 75% of its holding in the business being transferred into a valueless class of deferred shares. While this news is disappointing, Tern’s remaining portfolio of companies still performs well and is expected to progress further in due course.
In an effort to accelerate international expansion, Konektio also raised £2.1 million in 2021 from the Midlands Engine Investment Fund, Northern Powerhouse Investment Fund – managed by Mercia and Foresight Group – and Tern.
As Ian Ritchie, the chairman of Tern, states, investing in early-stage technology businesses has its inevitable failures. For Konektio, the company had lost its focus in the second half of 2023. While the news is disappointing, Tern plans to continue investing in its remaining portfolio companies and hopes for better outcomes in the future.
