Mechatronic Secures MEIF II Investment
Summary
An automation specialist which has been a pioneer in the field of plug and play robotics has secured \xa3350,000 from the Midlands Engine Investment Fund II through appointed fund manager, Frontier Development Capital (FDC).The debt funding will help Mechatronic Production Systems meet growing demand from manufacturers seeking to automate their processes, enabling the business to expand the team at its Birmingham plant and create seven new jobs.Established 35 years ago to provide bespoke automation systems, Mechatronic was one of the first in the UK to introduce off the shelf robotics with the launch of the Robopod in 2014. The system now accounts for almost half of its revenue.Robopod offers a cost-effective means to automate repetitive processes such as assembly, ultrasonic welding, glueing, dispensing, inspection, laser marking and machine tending, and can be adapted and reconfigured for different tasks.Mechatronic currently employs a team of 35 people, delivering specialised services to clients across diverse industries including aerospace, automotive, medical technology and plastics. The company, which increased revenue by 35% in the 12 months to March, is headed by Managing Director Tony Parker-Watkins, who led a management buy-out in 2022.Tony Parker-Watkins commented: Robots can now easily take on simple repetitive tasks within factories, improving efficiency and freeing up humans to focus on more skilled and productive work. With labour shortages and growing awareness of the potential for automation, our solutions are attracting interest from companies throughout Europe. With a clear commitment to providing bespoke solutions for clients in various sectors, Mechatronic Production Systems will use the funding to meet growing demand and create local jobs showcasing the funds impact in the region.The \xa3400m Midlands Engine Investment Fund II covers the entire Midlands region and provides debt finance from \xa325k to \xa32m and equity investment up to \xa35m to help a range of small and medium sized businesses to start up, scale up or stay ahead.Andy Moss from Ricosta Capital provided fundraising advice to the company.The purpose of the Midlands Engine Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the Midlands.