University of Oxford spinout EcoSync has raised £964,603 for its artificial intelligence (AI) controlled property energy management system.
EcoSync’s tech analyses a building’s temperature with a virtual representation, or digital twin, of the property. It then monitors temperatures and makes changes based on occupancy levels to bring down energy use.
Operators of EcoSync can control heating on a room-by-room basis and users can adjust through a room’s QR code.
“This funding will allow us to reach a cash-positive position where we will become self-funding, which is a very important step in our development as a company,” said Nick Pledge, CEO of EcoSync.
“It gives us the opportunity to expand into other sectors beyond higher education and grow our AI, sales and marketing functions to make the solution even more compelling and accelerate growth.”
EcoSync’s technology is currently used in higher education establishments but the startup plans to expand to offices, hotels and commercial buildings.
EcoSync raised capital from RO Capital Partners, Oxford Innovation EIS growth fund, OION Angels and crowdfunding via the Crowdcube platform. It has a pre-pre-money valuation of £6,009,823.
The company said it will use the cash to develop its AI technology. Before its second seed round, EcoSync has received £1.5m in seed funding, grants and other investments.
Richard Cooper, managing director of Oxford Innovation Finance, said: “We first invested in EcoSync in late 2021 because it was an interesting technology with huge growth potential and we invested again due to the very large market for older buildings with wet radiators, especially in the UK.”