Based in Exeter, UK, New Motion Labs (NML), a pioneering developer of innovative drivetrain technology for mobility and industrial markets, has secured over £890,000 in equity investment from the South West Investment Fund, managed by The FSE Group. This investment is part of a broader £1.8M funding round aimed at supporting the company’s ambitious growth plans.
Increasing efficiency and reliability is a core goal for any mechanical engineering company. While you “can’t reinvent the wheel” to make it more efficient, you can certainly improve what makes it turn. Chain drive systems have been around since the 3rd century BC, so it’s easy to think there isn’t much room for improvement. However, NML is on a mission to disprove that notion.
Revolutionary drivetrain technology
NML’s patented and award-winning Enduo technology has re-engineered the traditional chain and sprocket system to significantly reduce wear, enhance component lifetime, decrease energy loss, and lower manufacturing costs. Additionally, Enduo technology offers retrofit capabilities, making it an attractive option for various applications.
Success in mobility markets
The company has already achieved notable success in the track cycling and e-bike markets, including cargo and shared e-bikes. These applications have demonstrated significant reductions in energy consumption and maintenance requirements, highlighting the efficacy of Enduo technology.
Targeting the global industrial sector
NML is now focusing on the global industrial sector, where chain failure poses a costly challenge across numerous manufacturing processes. The potential applications for Enduo are extensive, and NML aims to deliver reliable solutions across industries such as automotive and food and beverage.
Leadership and vision
Damien Murphy, CEO of NML, stated, “This funding marks a pivotal milestone in NML’s journey, enabling us to accelerate our growth trajectory, expand our product offering and further penetrate the industrial market. The FSE Group has been working alongside us to help secure co-investors in a challenging investment market and we are grateful for their belief in our game-changing technology and the support of the South West Investment Fund.”
Strategic support and market impact
Ralph Singleton, Head of Equity Investment at The FSE Group, praised NML’s management team for their impressive track record and industry connections. “This experienced and knowledgeable management team boasts an impressive track record and influential industry connections. NML’s robust R&D capabilities, strong IP position, and the proven efficacy of their Enduo technology position them uniquely to address critical pain points in both the cycling and industrial sectors. We are confident in their vision and the potential for substantial market impact and look forward to continuing to work with them as they enter this next phase of growth.”
Support for regional innovation
Paul Jones, Senior Investment Manager at the British Business Bank, highlighted the significance of this deal. “NML have reengineered the sprocket and chain technology for the first time in over a century with the aim of applying it to potentially thousands of industrial and manufacturing applications worldwide. The South West Investment Fund exists to support the growth of innovative businesses in the region and this deal is a great example of that.”
About the South West Investment Fund
The South West Investment Fund provides loans ranging from £25,000 to £2M and equity investments up to £5M to help small and medium-sized businesses start up, scale up, or stay ahead. The fund aims to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across the Southwest region.
