Energy solutions firm SenseLogix has secured GBP1m series B investment in a second funding round led by The North West Fund for Energy and Environmental, managed by CT Investment Partners.
It also included existing investors Beringea, through the Proven VCT fund, and Proven Growth & Income VCT and NorthStar Ventures, through the North East Accelerator Fund.
The funds will be used to accelerate commercialisation of its EnergyLogix technology and strengthen its sales, technical and customer service teams.
CT Investment Partners, manager of The North West Fund for Energy & Environmental, also advises the Carbon Trust on its venture capital activities. The funding is provided jointly by the European Regional Development Fund and the European Investment Bank.
SenseLogix, which works with commercial businesses, education and the public sector, currently employs 10 staff. SenseLogix is based in Denbighshire, Wales, but will be creating a new head office in Cheshire as a result of the funding round. The company plans to expand its headcount to over 45 by 2015 to support business growth.
SenseLogix was established in 2009 to develop a series of energy measurement and control products designed to eliminate the electrical waste of IT systems and other small power items. The control system is now part of an enterprise energy management platform that includes metering solutions, M&T software, energy and carbon reporting tools and energy dashboards to support behavioural change of energy users.
Jonathan Luke, chief executive and co-founder of SenseLogix, says: “Through our partnership with The North West Fund and CT Investment Partners we aim to continue our success in the emerging energy services sector by providing robust, intuitive and cost-effective energy management solutions for building users. Our products and services enable our clients to make real savings and reduce their carbon footprint in the process.”
Adam Workman, partner at CT Investment Partners and fund manager of The North West Fund for Energy and Environmental, says: “We are really pleased to be working with SenseLogix. This is a company we have worked closely with over the last three years through their involvement with the Carbon Trust’s Entrepreneurs Fast Track Programme.
“With a dramatic increase in global demand for energy and a government focus on reducing carbon emissions there is a large market pull to produce more sustainable, energy saving technologies. We are confident that SenseLogix’s product offering is ideally placed to exploit these trends.”
Workman and SenseLogix’s sales and marketing director David Hall have been appointed to the board of the company with immediate effect.
