FourJaw Manufacturing Analytics, an IoT startup in Sheffield that aids manufacturers in optimizing productivity and reducing energy consumption, has secured £1.8m in funding from NPIF – Mercia Equity Finance, a constituent of the Northern Powerhouse Investment Fund, Mercia’s EIS funds, and private investors. The financing will enable the company to further improve its machine monitoring system and expand its customer base. FourJaw’s award-winning platform functions as a machine “fitness tracker,” monitoring crucial stats such as energy consumption and machine utilization, translating the information into actionable insights that manufacturers can use to decrease inefficiencies on their factory floors, increasing productivity. Unlike traditional monitoring systems, which are expensive to establish, must be hardwired to each machine, and are limited in scalability to small manufacturers typically, FourJaw’s technology can be installed in minutes, connected to any machine, and accessed by manufacturers of any size.
FourJaw, which was founded in 2020 by Chris Iveson and Robin Hartley-Willows, will utilize the funding to develop its product further, expand it to serve even more customers, and create seven new jobs. FourJaw’s platform is now utilized by over 120 manufacturers worldwide in aerospace, automotive, energy, and food production, among other sectors. The £1.8m funding round, coupled with a total fund-raising of almost £4m to date, supports FourJaw’s ability to boost product development, technology, and customer success, thereby enhancing the manufacturing sector’s productivity worldwide. According to Chris Iveson, co-founder, and CEO, FourJaw can provide a low-cost solution to improve productivity, sustainability, and profitability, which are currently manufacturers’ three primary challenges, by providing real-time insights for operational and commercial decision-making.
Chris Borrett of Mercia opined that digitisation in manufacturing is creating enormous opportunities, and FourJaw is changing the game by providing the necessary data, platform, and intelligence to aid the evolution of operations. The investment, according to Keira Shepperson, Director at British Business Bank, signifies FourJaw’s growth beyond Sheffield and highlights IoT technology’s critical role in optimizing manufacturing processes.