Bank supports monitoring firm
Reactec seeking new markets after funding deal
The Edinburgh-based firm produces a wearable device to monitor hand and arm vibration while using machinery such as cutting tools, associated with white finger syndrome.
Reactec’s technology is already used by companies such as Network Rail, Murphy Group and Balfour Beatty.
After Clydesdale Bank’s Emerging Technology Unit provided additional support, Jacqui McLaughlin, chief executive of Reactec, said the firm would be looking at new markets.
“Previously, our focus has very much been on the construction sector but we believe our new wearable technology has real potential within other target sectors as evidenced by the very significant contracts which have already been agreed this year,” she said.
“We’ve undertaken research in Europe, particularly in countries where the regulations on vibration monitoring mirror the position in the UK, and we believe there is further potential for us in the export market in the longer term. This funding will assist Reactec in seeking to grow in these important markets.”
Tom Brock, head of the emerging technology unit at Clydesdale Bank, said: “The unit was created with the express purpose of delivering support for entrepreneurial companies with innovative technology and strong intellectual property which has real potential to make its mark globally.
“We look forward to supporting Jacqui and her team as they move the business into its next phase of growth.”