Bedford based Influx Technology has secured a £300,000 regional growth loan via The FSE Group to scale the business.

Influx Technology’s leading automotive data logging solutions enable engineers to capture, record, and stream information from vehicles around the globe. The data collected can be analysed and used by car makers to help create safer, more reliable and more environmentally friendly vehicles.

Influx is already working with some of the industry’s most well-known manufacturers, including Lotus and Ford in the UK and Renault in France, and has offices and franchises across Bulgaria, Amsterdam, China and India.

The funding will be used for investment in sales and marketing activity, staff hires and new product development.

Lance Keen, Influx Technology CEO, said: “We are excited to have secured this funding, which will enable us to invest in our growth. Even as a well-established business with a strong product, finding a lender prepared to back new product development can be difficult. We are delighted to have secured this regional growth loan and look forward to working with FSE as we expand our offering and look to grow the business exponentially over the next three years.”

The demand for smart, interconnected systems in the automotive industry continues to rise and Influx’s innovative hardware and software is well-positioned to meet this demand.

Simon Elliott, Investment Manager at The FSE Group, commented: “With over 20 years’ experience in the industry and an established global presence, Influx has fostered strong relationships with key customers and built a robust reputation for its R&D. Its upcoming platform represents a significant innovation in the industry and we look forward to supporting the business on its growth journey.”

The Regional Growth Loan Scheme (RGLS) is managed by The FSE Group on behalf of Local Enterprise Partnerships in the East of England. Loans between £50,000 and £500,000 are available to established incorporated businesses based within the East of England that have a minimum annual turnover of £100,000. The funding can be used for a range of growth activities as well as to service short to medium-term trade and contract finance requirements. The scheme aims to stimulate job creation and economic prosperity and supports SMEs that have the potential to deliver high-growth and employment opportunities across the East of England region.