Sheffield start-up set to fly after landing £100,000 investment and place on Boeing accelerator
A Sheffield start-up is set to fly after winning a coveted place on a Boeing accelerator programme that includes £100,000 investment, access to aerospace experts and introductions to entrepreneurs and investors.
Productive Machines was among just 10 chosen for the ATI Boeing Accelerator which received 200 applications from more than 40 countries.
The firm, co founded by managing director Erdem Ozturk, creates software that maximises the sustainability of machining by reducing costs, eliminating waste and improving productivity.
The programme is aimed at boosting start-ups to help create a sustainable future for the aviation industry.
They benefit from £100,000 equity investment from Boeing HorizonX Global Ventures and access to ATI, Boeing, GKN Aerospace and Rolls-Royce strategists and technical experts.
“We’re thrilled to be leading this programme again with ATI, especially given the focus on sustainability,” said Brian Schettler, senior managing director of Boeing HorizonX Global Ventures.
“Boeing is committed to developing innovative technologies and solutions that allow for safe and sustainable air travel for generations to come, but it takes partnerships and collaboration like this to be successful. Given the success of the first cohort, I’m confident that we will again work together with these startups and programme partners to address our industry’s most critical issues.”
Firms from the first round have raised £6.3m additional investment, created more than 30 jobs, and gone on to partner with businesses including Rolls-Royce and Chevron Technology Ventures, he added.
The accelerator was created by the Aerospace Technology Institute and Boeing HorizonX Global Ventures, and is delivered by European accelerator Ignite.
Boeing, which has a factory in Sheffield, employs 2,500 in the UK.