A company whose innovative digital technology could help save manufacturers millions of pounds has been recognised as a business with high growth potential.
POET Systems Ltd., based in Bridgend, Wales, has been accepted onto two programmes for fast-growing firms – Innovate UK’s EDGE Scaleup Programme and the Welsh Government’s Business Wales Accelerated Growth Programme.
The company has developed a cloud-based platform, called POET, to help manufacturers improve performance, save time and reduce waste.
It will now gain bespoke support to help take the business to the next level, including advice on how to access new markets, make new connections and attract growth capital.
POET Systems co-founder and director Lynn Davies said: “We are delighted to have been accepted on to these two programmes and the recognition that POET is a business with high growth potential.
“We plan to create more than 60 jobs based on our forecasts for the uptake of our software, which is already being well received by manufacturers.
“To date, development of the software has been self-funded at a cost in excess of £400K, however it is likely that next year we will seek outside investment to continue our scaleup programme.”
As part of POET’s scale-up strategy the company has appointed Laurence Wood as a director and equity partner.
Mr Wood, a business development specialist who has worked in manufacturing automation for more than a decade, will head up POET’s commercial activities.
POET Systems co-founder and director Phil Roberts said: “We are extremely pleased to have Laurence join the management team at this exciting period as we begin to scale up the business.
“He brings with him not only a wealth of commercial expertise in the supply of services to the manufacturing sector but also a keen focus on customer service.”
Mr Wood added: “POET is a business with huge potential being led by a professional and enthusiastic team.
I am excited to be joining them at such a pivotal point in the company’s journey”.
“When I first saw the POET platform in action, I immediately realised how it would benefit the manufacturing sector, helping businesses improve productivity and boost revenues by millions of pounds.”