A North East tech firm which makes ‘electronic skin’ for robots has sealed a six figure funding package to protect the business through the Coronavirus Business Interruption Loan Scheme.
Wootzano has tapped into the funding from HSBC UK through the Government scheme, enabling the company to protect jobs, support cash flow and continue manufacturing during the coronavirus crisis.
The pioneering business, based at the Centre for Process Innovation (CPI) in Sedgefield, County Durham makes ‘electronic skin’ for robots, called ‘Wootzkin’, which can sense and feel like human skin.
The invention allows robots to perform skillful jobs easily, such as picking up delicate objects like fresh produce with ease.
A week before the UK went into lockdown, Wootzano signed a distribution agreement to ship kits to customers allowing them to test and evaluate the electronic skin for themselves.
The funding has helped support the company’s cashflow, enabled all staff to keep working throughout the Covid-19 pandemic and allowed Wootzano engineers to continue manufacturing the sensors to meet customer demand.
With the funding in place, Wootzano is now planning for an increase in production and revenue as the business grows.
Atif Syed, CEO and founder of Wootzano, said: “Like most businesses, Wootzano was greatly impacted by COVID-19 which created huge uncertainty for us. The financial support we received from HSBC UK has enabled staff to be able to work throughout the pandemic, at home and at our production facility, as well as supporting our cash flow. This has helped us to secure new contracts and means we can now focus on growth.”
Ian Jackson, deputy regional director, business banking and sustainability leader at HSBC UK said: “Wootzano is an impressive company which is making breakthroughs in the robotics world.
“We’re delighted to be able to work alongside the company in its mission to expand over the coming years, as well as supporting them during this challenging time for businesses.”
Source: Business Live