Exeter technology company, New Motion Labs, a developer of drivetrain technology for the mobility and industrial markets, has secured nearly £900,000 in funding and plans to use the cash to create new jobs.
The equity investment with the South West Investment Fund via appointed fund manager, the FSE Group, is part of a wider £1.8 million funding round aimed at supporting the firm’s growth, including product development and sales and marketing.
New Motion Labs has already found success in track cycling and e-bike markets with its technology, including cargo e-bikes and shared e-bikes. It is now targeting the global industrial sector, where chain failure presents a costly challenge across thousands of manufacturing processes.
The South West Investment Fund provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium-sized businesses across the South West to start up and scale up.
Damien Murphy, NML chief executive, said: “This funding marks a pivotal milestone in NML’s journey, enabling us to accelerate our growth trajectory, expand our product offering and further penetrate the industrial market. The FSE Group has been working alongside us to help secure co-investors in a challenging investment market and we are grateful for their belief in our game-changing technology and the support of the South West Investment Fund.”
