County Durham Robotics company securing HSBC funding wins deal of the month.
A Durham-based robotics company securing six-figure funding from HSBC UK to provide support during the Covid-19 pandemic has won Deal of the Month for August.
Wootzano makes electronic skin for robots, called ‘Wootzkin’, which can sense and feel like human skin. The invention enables robots to perform jobs such as picking up delicate objects like fresh produce.
A week before the UK went into lockdown, Wootzano signed a distribution agreement to ship kits to customers allowing them to test and evaluate the electronic skin for themselves.
The funding package from HSBC UK, through the Coronavirus Business Interruption Loan Scheme (CBILS), has helped support the company’s cashflow, enabled all staff to keep working throughout the Covid-19 pandemic and allowed engineers to continue manufacturing the sensors to meet customer demand.
Wootzano is now planning for an increase in production and revenue as the business grows.
At the time of the deal, Atif Syed, chief executive and founder of Wootzano, said: “Like most businesses, Wootzano was greatly impacted by Covid-19 which created huge uncertainty for us.
“The financial support we received from HSBC UK has enabled staff to be able to work throughout the pandemic, at home and at our production facility, as well as supporting our cash flow. This has helped us to secure new contracts and means we can now focus on growth.”
Ian Jackson, deputy regional director, business banking and sustainability leader at HSBC UK, added: “Wootzano is an impressive company which is making breakthroughs in the robotics world.
“We’re delighted to be able to work alongside the company in its mission to expand over the coming years, as well as supporting them during this challenging time for businesses.”
News source: Insider Media
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