Chesterfield-based Internet of Things (IoT) business Konektio has been placed into administration.
The news comes after Tern, the investment company specialising in supporting high growth, early-stage, disruptive IoT technology businesses, announced in November 2023 that it would not invest further in Konektio, as it had “lost focus.”
Revealing the fall into administration to the London Stock Exchange, Ian Ritchie, chairman of Tern, said: “Whilst it is obviously very disappointing that Konektio has been placed into administration, it was clear to the Tern board that the Konektio business had lost focus in the second half of 2023. We therefore decided not to invest further in Konektio in November 2023 and Tern’s stake was significantly reduced.
“The nature of investing in early-stage technology businesses is that there will inevitably be the occasional failure, but this is a first for Tern. I am happy to report that the remainder of Tern’s portfolio companies continue to perform well and I look forward to reporting on their continued progress in due course.”
In March 2023 Konektio, which specialises in digital transformation solutions for the industrial and manufacturing industries, moved to Chesterfield’s Northern Gateway Enterprise Centre from nearby Clay Cross.
The business raised £2.1m in December 2021 from both the Midlands Engine Investment Fund (MEIF) and Northern Powerhouse Investment Fund (NPIF), managed by Mercia and Foresight Group, along with Tern plc.
The company was previously known as InVMA.
