Think360 Secures £100k Backing to Fuel Growth

The Hull-based AI software company, Think360, has successfully secured a £100,000 investment from the NPIF II fund, managed by Mercia Debt Finance. This funding aims to provide additional working capital for the accelerated growth of Think360, which has seen significant progress since launching its proprietary software products in 2021. The company has secured over £1 million in new contracts recently and has a potential pipeline of £4 million in additional business opportunities. The new capital injection will assist Think360 in creating three additional jobs and undertaking more projects as it expands its team. The CEO of the company, Martin Lauer, highlights the expansion potential in the global market, worth an estimated $50 billion, driven by AI's influence on sectors such as ports and logistics. Think360 supports fields like crane monitoring and industrial equipment management. The NPIF II fund targets Northern England's smaller businesses, providing loans ranging from £25,000 to £2 million and equity investments of up to £5 million, to facilitate start-up, scale-up, or sustained business growth.