
Industrial software provider Think360 has secured £100,000 investment following a flurry of new contracts worth £1m.
The Hessle-based firm has won the backing from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II). Funds will be used for additional working capital which the firm says will allow it to take on more projects and create three new jobs.
Launched in 2018, Think360 provides software to monitor cranes, industrial equipment and manage engineers in the field. It employs six at its Bridgehead Business Park base, and has up to 22 independent contractors including software testers and analysts.
The firm is part of a group including IT and telecoms operator The One Point, which is also managed by founder Martin Lauer. In 2021 Ian Crowder and Tony Grimes joined Think360 as directors and shareholders. Since then it has gone on to launch a range of products including AI Suite, which is intended for the ports, logistics and manufacturing sectors. Its newest offer is AI Homecare which helps care providers to manage visits and communicate plans with relatives.
Martin Lauer, CEO of Think360, said: “Think360 has made remarkable progress in the past two years since the launch of our proprietary software. Our products have gained traction in all of our key sectors and we have secured some high-profile clients. Following a spate of new contact wins, we also have a strong pipeline of new business. The funding will enable us to meet growing demand and continue our success story.”
Rebecca Pickering of Mercia Debt added: “AI is reshaping the ports and logistics sector by driving automation and transforming the way care is delivered in patients’ homes. Think360 is at the forefront of these exciting developments. We are pleased to be able to support Martin, Ian, Tony and the team in their plans to achieve further growth and establish the company as a leader in its field.”
Lizzy Upton, senior manager at the British Business Bank, said: “From deeply technical software to easy-to-use consumer programmes like ChatGPT, AI has grown tremendously in recent years, and is only set to grow even more. It’s great to see a Yorkshire-based business like Think360 using NPIF II funding to drive AI transformation in key industries like the ports, logistics and manufacturing sectors.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber