Ambitious Sheffield tech firm takes £1.1m investment in 'do or die' bid to grow

Tribosonics is recruiting now in a ‘do or die’ bid to double in size.

It aims to land huge industrial customers and could open a European office as it transforms from an academic consultancy into a much more commercial animal.

The 23-strong company makes ultrasonic sensors that measure friction, wear and lubrication in machines - from a wind turbine to an F1 engine - while they are running.

Friction accounts for a huge 23 per cent of global energy use.

Chief operating officer Mark Wallace said: “This is do or die. None of us are here because of the salaries. The whole team doesn’t want the status quo. It sounds a bit cheesy but we want to change the world.

“We have worked with household names over the last 15 years so we know that industry is interested but a new commercial model was needed.”

Tribosonics launched its growth bid after three years of stagnation, fearing companies that don’t reinvent themselves eventually go under.

It brought in experienced chief executive Glenn Fletcher two years ago and began looking for an investor.

Up to 10 suitors applied before finance company Mercia Equity Finance was chosen. It has taken a £1.1m equity stake.

Mr Wallace said they expected to need more office space, there was some available at its base at Edmund Road Business Centre, but a decision hadn’t been made.

Either way, they were committed to Sheffield.

He added: “We are very much a Sheffield business. Much as we have partners and friends in Leeds and Manchester, our hearts are here.”

Meanwhile, three women have been appointed to the six-strong board, creating an equal gender split.

Two employees have been promoted: Christina King becomes chief commercial officer and Janet Pryke chief finance officer. Sarah Sandle, a vice president at Rolls-Royce is the new non-executive chair.

The company is recruiting technologists, data scientists, electrical engineers and a ‘very good’ business development manger who can strike long term partnerships with industrial giants.

It was founded by chief technology officer Dr Phil Harper.

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