Robotics firm BOW lands £4m from Northern Gritstone-led group
Robotics firm BOW lands £4m from Northern Gritstone-led group
Share:
A producer of robotics software spun out of the University of Sheffield will this week unveil a multimillion-pound fundraising led by the investment vehicle chaired by the former Treasury minister Lord O'Neill. Sky News understands that BOW - which stands for Bettering Our Worlds - will announce on Tuesday a £4m seed round led by Northern Gritstone.
Finance Yorkshire and NPIF II - Praeture Equity Finance, which is part of the Northern Powerhouse Investment Fund II, are also investing in BOW. Money blog: Price of European holidays surges. The company provides a software platform which removes the need for specialist robotics programming skills and bridges gaps between different robotics systems.
It is aiming to capitalise on a fast-growing global robotics market which is estimated to be worth $260bn by 2030. Follow our channel and never miss an update. BOW announced in November that Liz Upton, a co-founder of the newly listed technology company Raspberry-Pi, had become its chair - a sign of its ambition.
Money blog: Price of European holidays surges - with four popular countries topping list. Ryanair profits nearly 10 times higher as airfares defy expectations. Dentist reveals how you can earn up to £150k - and what he's really thinking when he's looking in your mouth.
"Northern Gritstone is delighted to support BOW's team, who once again demonstrate that world-leading technology businesses are being created in the North of England," said Duncan Johnson, CEO of Northern Gritstone. "BOW's groundbreaking robotics platform is a perfect example of innovation in the region born out of the University of Sheffield's world-class academic research.".
