IoT specialist Plinx secures £500,000 funding from MEIF Maven Debt Finance

Plinx

Wearable Link Limited trading as Plinx has secured £500,000 funding to support its investment in product development and enter new markets as well as supporting the creation of seven new jobs for the local Worcestershire economy.

Plinx secured funding from the Midlands Engine Investment Fund, from the West Midlands Debt Finance fund managed by Maven Capital Partners and backed by the Recovery Loan Scheme.

Based out of Malvern Science Park, Plinx is an IoT technology provider specialising in the development of an innovative health and safety system for the construction sector.

Plinx is led by chief executive and Founder Tommy Williams and chief technical offices Stephen Roberts, who have more than 15 years experience in taking products from concept to production, previously working together in the R&D department at Gtech in Worcester.

The Plinx team won the HS2 innovation award in 2020 after trialling the system at Europes soon-to-be largest railway station, Old Oak Common. The system was then featured on the BBC OneShow, where Tommy demonstrated the performance of the system with help from British Astronaut Sir Tim Peake.

The Plinx safety system has applications in other “grey” sectors such as demolition or mining where strict procedures are followed to ensure safe working within hazardous environments via a series of SmartTAGS named “Plinx Protect” which monitor the location of people and hazards to reduce the likelihood of an accident.

Other technology offerings include “Plinx Connect” which enables better communication for people working on remote construction and “Plinx Affect”, an in-house developed web platform that allows customers to track devices to be more efficient on worksites as well as keeping data for any disputed insurance claims.

The business initially secured a contract with Eiffage Kier Ferrovial BAM (EFKB) working on the HS2 project and is gaining further traction after successfully completing trials with well known organisations within the construction sector including Balfour Betty, Skanska, Costain and Ferrovial.

Tommy Williams, CEO and founder of Plinx, said: “Our new products will empower our clients to deliver their projects on time and within budget in addition to continuing to enable them to protect their most valuable assets, their people. We are pleased to be able to continue to grow in Worcestershire, bringing more jobs to our Malvern offices and continuing to strengthen our British manufacturing base and supply chain.”

Sajid Sabir, Investment Manager for Maven, added: “In 2020/21, the UK construction sector had the highest rate of fatal injuries and Plinx has developed an innovative IoT solution to address health and safety in a hazardous working environment. The business has an impressive team that has a wealth of product development experience and has gained strong traction in the market to date. We look forward to working with Tommy and his team to ensure they receive the support they need to successfully scale the business.”

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “It’s great to see the MEIF fund support businesses that are contributing to landmark projects, like HS2, in the Midlands region. This latest funding package will allow Plinx invest further in its product development, creating seven new jobs in the process. We would encourage SMEs in the Midlands looking to develop new products, expand its team or grow should consider MEIF funding.”

Gary Woodman, Chief Executive of Worcestershire Local Enterprise Partnership, said: I am thrilled to see another of our BetaDen alumni receive support and funding from the Midlands Engine Investment Fund. Plinx have grown exponentially throughout their time with BetaDen, developing an innovative product which is helping to keep construction workers safe in projects such as HS2.

“This additional funding is great news for Worcestershire as it will help them to continue to expand as a business and create more jobs to help strengthen the local economy.”