New Motion Labs, a leading innovator in drivetrain technology based in Exeter, has secured an £890k equity investment from the South West Investment Fund, facilitated by The FSE Group. The company, an alumnus of SETsquared Exeter, has developed Enduo, a revolutionary sprocket technology that significantly reduces friction and extends the lifespan of roller chain drives. This funding is part of a broader £1.8m financing round aimed at enhancing product development, sales, marketing, and job creation. CEO Damien Murphy expressed gratitude for the support and highlighted the pivotal role of this investment in accelerating the company’s growth and market penetration. Ralph Singleton from The FSE Group and Paul Jones from The British Business Bank both emphasized the groundbreaking nature of NML’s technology and its potential market impact, affirming their confidence in the company’s future. SETsquared Exeter has provided crucial support to NML through training, workshops, and networking opportunities.
Technology, Cycling and eBikes, Industrial Equipment,United Kingdom, South West England
https://www.setsquared.co.uk/new-motion-labs-secure-890k-equity-investment-to-drive-expansion-and-growth/