County Durham tech firm set for expansion following five-figure investment
A County Durham tech manufacturer has secured six-figure investment to expand into new markets.
Newton Aycliffe-based HP1 Technologies has secured £35k funding from NEL Fund Managers to support its ongoing growth.
Founded in 2015 by brothers Mike and Andrew Howes, HP1 Technologies specialises in developing sensor systems that measure and collect high quality impact and pressure data in a range of situations.
A new Electrojet UV3D flatbed digital printer has been purchased as part of the firm’s development plans, which will see it targeting new clients in sectors including aerospace, sport, manufacturing, utilities and the military.
Up to six new jobs are also expected to be created as the business puts its growth plans into action.
Co-founder Mike Howes commented: “When head injuries from cycling accidents occur, there is currently a lack of data about the magnitude of force experienced by the head, the impact location and time of the impact. This information is critical to help inform medical assessment, where speed is key.
“We created a versatile, low-cost device that could accurately capture this essential data and have since been able to adapt and apply this technology to a range of different applications in a growing number of industries.
“The feedback we’ve had from clients has been very positive and we know there is a huge amount of growth potential in the business that can be realised by scaling up our operations.”
He continued: “Not only will the new equipment enable us to increase our production capacity, but it will also help us learn to better control and improve our processes and will mean the time we need to develop new products will be reduced by up to two thirds.
“Gaining access to locally-based growth capital also brings us into some very useful regional business networks and the NEL team made completing the application a very straightforward process.”
Mike Guellard, investment executive at NEL Fund Managers, added: “HP1 is at a very exciting time in its development and it’s great to see yet another innovative North East technology firm successfully applying its expertise to commercial situations.”
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