University spin out scales up with Finance Yorkshire led £1.3m investment
Sheffield based Productive Machines is eyeing expansion in Europe and the US following investment in its patent protected manufacturing machining technology.
The company is a spin out from the University of Sheffield’s Advanced Manufacturing Research Centre (AMRC) and was founded by CEO Erdem Ozturk and CTO Huseyin Celikag, PhD experts in the field of machine dynamics and vibration.
Productive Machine is transforming machining intelligence through physics and AI. Its ‘SenseNC’ software enables component manufacturers to optimise their machines for ‘first time right’ machining, saving time and money by reducing material waste, increasing machine tool utilisation and improving quality.
The £1.3m investment has been led by existing investor Finance Yorkshire’s seedcorn fund with follow-on funding from ACT Venture Partners and Mercia Ventures.
South Yorkshire Mayoral Combined Authority (SYMCA) has also invested in Productive Machines – its first equity investment in high value companies in South Yorkshire, supporting employment and commercial growth in leading digital manufacturing innovation.
The investment round was further supported by a £1.1m loan from Innovate UK.
Productive Machines employs 14 staff at its base at the Advanced Manufacturing Park Technology Centre in Sheffield. The investment will support the company’s growth ambitions by creating local jobs and attracting more clients.
Target clients include large operators in the aerospace, defence, automotive, medical and precision engineering sectors.
Erdem said: “Our clients machine complex, high-value components where a single scrapped part is costly. Our software removes the trial and error from their processes. SenseNC optimises the cutting conditions digitally before the machine touches metal so they get it right the first time and get more out of the machines they already own."
Productive Machines chairman Matthew Scherba added: “The investment from SYMCA and continued support from our existing investors enables us to help local manufacturers reshore back to the UK, including South Yorkshire, more aggressively commercially scale up our existing products in European and US markets and commercially launch our exciting new innovation.”
Finance Yorkshire Chief Executive Alex McWhirter said: “Productive Machines has proved the potential of its SenseNC software products which are enabling companies to optimise their component manufacturing.
“Finance Yorkshire is pleased to be part of a substantial investment round which will enable Productive Machines to grow through further innovation and the capture of new clients across Europe and the US.”
South Yorkshire’s Mayor Oliver Coppard said: "Productive Machines is a great example of the talent, ideas and innovation we have right here in South Yorkshire. Our £450,000 investment, combined with private sector backing, will help them expand their capacity, bring new products to market, and reach new customers both here in the UK and around the world.
" I want South Yorkshire to be a place where ambitious businesses with good ideas can start up, scale up, and succeed. When local companies like Productive Machines grow, they create good jobs, drive innovation and help to build a bigger and better economy.”