A Country Antrim mining equipment manufacturer has secured “substantial” funding from a group of private investors and Invest NI.
Tribe Technology Group said it has closed out its Series A funding, made up of investment from individuals from both Northern Ireland and Australia – angel investors - and matched by investment from Co-Fund NI.
The company said the money will be used to support production of its reverse circulation (RC) drill rigs, which have already attracted a multi-million-dollar order book, and also to accelerate R&D of new products. The company’s tests show its products are 100 times safer and 70% more productive than conventional RC drilling rigs.
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As well as Mallusk, just outside Belfast, Tribe Technology also has a base in Perth, Australia and is led by a team of mechanical, electrical and mechatronic engineers.
“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,” Charlie King, managing director and founder of Tribe Technology Group said. “Automation is one of the toughest challenges facing several key industries and we believe we have the expertise to find some of the solutions.
“It is incredibly exciting and humbling to have investors of this calibre, some of the smartest people in the industry, see the wider potential of our automation technology and get behind us with their own money. Clarendon Fund Managers have been very supportive through the process and we’re delighted that Co-Fund NI has matched the private investment.”
Charlie King is originally from Northern Ireland and said he established the company’s headquarters in Mallusk in 2021 in part due to the availability of its highly skilled workforce, the region’s strong track record in the manufacturing sector and economies of scale compared to more expensive locations.