18 Jan Belfast mining tech firm Tribe wins big in funding round
Big congratulations to new portfolio company, Tribe Tech Group, in securing their Series A funding round.
This round was led by a number of private investors, some of whom are members of HBAN (Halo Business Angel Network). This investment will support the company delivering on the multi-million pound contract that it has won as well as supporting its existing technology and research into new projects.
Article from: www.belfasttelegraph.co.uk
A Belfast automation tech company for the mining sector has secured “substantial” funding in a Series A round.
Tribe Technology Group, which has developed the world’s first completely autonomous reverse circulation (RC) drill rig, will use the funding to support its existing technology and research into new projects.
The company’s RC drill rig, which tests have shown is 100 times safer and 70% more productive than conventional RC drilling rigs, has already won a multimillion contract for the business, founded by Charlie King.
The company’s headquarters is in Mallusk and it has a base in Perth.
The new funding from private investors from NI and Australia has also been match funded by investment from Co-Fund NI.
Co-Fund NI is part of Invest Northern Ireland’s Access to Finance suite of funds and a partner of the Regional Angel Programme, delivered by British Business Investments. The fund provides co-investment in deals typically valued between £150,000 and £2m. Co-Fund NI is managed by Clarendon Fund Managers.
The financial win follows on the back of Tribe Technology securing almost £1m from Invest NI, towards the creation of 82 of 120 proposed new jobs.
Charlie King, managing director of Tribe Technology Group said: “This funding round is a great endorsement of Tribe Tech’s business and will help us to further enhance our production capabilities and deliver the significant pipeline of orders we have already secured, but also to expand our footprint. Automation is one of the toughest challenges facing several key industries and we believe we have the expertise to find some of the solutions.”
Stuart Gaffikin, investment manager at Clarendon Fund managers, said: “We’re pleased to be able to support this investment in further product development through Co-Fund NI and look forward to seeing the company continue to grow in 2022 and beyond.”