Perpetuum has secured an investment from the Rail Supply Growth Fund to advance the development of its self-powered rail condition monitoring system.
The £3m investment, the second fund the company receives from the Rail Supply Growth Fund, will also be used to increase capacity, client base and create new jobs at Perpetuum.
Perpetuum has already used part of the investment to create 32 new knowledge-intensive positions to take its total workforce to 60. The company also plans to support new research and development activities.
Perpetuum CEO Steve Turley said: “At Perpetuum, we’re focused on revolutionising the rail industry by helping clients to improve performance and efficiency, minimise disruptions and deliver seamless passenger experiences, while also benefiting from significant cost savings.”
“Over the past few years, we’ve generated real momentum, with more clients and industry partners recognising the potential of our conditional monitoring technology. This investment from the Rail Fund will help us to maintain this momentum, refine our technology and pursue more business to accelerate growth.”