ToughTech secures £100k funding
Cheshire-based ToughTech is a tyre pressure monitoring systems firm and has received £100k investment from the Northern Powerhouse Investment Fund – BFS and MSIF Microfinance, managed by GC Business Finance.
The loan will be invested into the development of its technology, boosting overall headcount and expanding its sales team.
Barry Lowe, co-founder and CEO of ToughTech, said: “Highways England (2015) estimated that as many as 3,600 accidents are directly related to flat tyres or low tyre pressure. The technology we have created is really important in cutting this figure and will allow drivers of commercial vehicles to feel safe in their vehicle with the knowledge that their tyre pressure is constantly monitored.
“ToughTech’s growth over two years has highlighted the demand for our product across a range of sectors, both on and off-road. NPIF’s funding will allow us to meet the market’s demand for TPMS and support us in our mission to make the vehicles and machines more environmentally and cost efficient as well as enhancing the safety of drivers and operators across the globe.”
