FourJaw will use the cash to expand its services to small firms across the country.
Its devices are fitted to machines and produce data on their efficiency and use, such as job durations. And they can be fitted to everything from old manual lathes through to state-of-the-art machining centres, bosses say.
The firm was set up by CEO Chris Iveson and CTO Robin Hartley. They were research engineers at the AMRC, part of the University of Sheffield, when they came up with the idea of an affordable device to harness production data.
Now they have received fresh funding from investors including NorthInvest and SFC Capital, along with a six-figure grant from Innovate UK, part of the government.
Chris Iveson said: “This new round of funding empowers us to strengthen our team, accelerate growth, and deliver our exciting product roadmap as we forge ahead on our journey.”