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Q-Bot, Our Robotics Portfolio Company, Secures New EIS Investment
Q-Bot, An Ecomachines Portfolio Company, Secures New Round Of Investment To Accelerate Growth And Support The Rollout Of Robotic Insulation Service.
London, UK, September 19 2017 - EcoMachines Ventures, the specialist investor in energy and industrial high-tech companies, announces that Q-Bot Ltd., a robotics portfolio company, has closed an investment round of £450,000 supported by several angel investing groups. The investment is leveraged with £1,050,000 funding from the EU Commission’s Horizon 2020 program, to bring the total funding up to £1.5m. The new funds will allow Q-Bot to roll out the world’s first affordable and truly scalable solution for under floor insulation.
Q-Bot is a leading UK robotics provider specialising in the construction and energy industry deploying robotic solutions for the construction, maintenance, and upgrade of buildings and industrial assets. These intelligent tools allow workers to remotely inspect and carry out a range of operations in hard to reach areas, such as crawl spaces, at height, or where there are other hazards, making human access undesirable. The robots can survey these spaces, building a detailed 3D map, gather environmental conditions, identify and locate services, faults and other hazards in order to plan servicing and maintenance. The robots can also carry out a range of operations including applying treatments such as insulation, protective finishes and other measures.
With an estimated 10m homes needing under floor insulation in the UK alone and with markets in Northern Europe and the US, there is a huge need to develop more scalable approaches for the retrofit of insulation. Q-Bot has developed a highly innovative, robotic device that can deploy through a small opening, survey and map the space, apply insulation in situ and then validate the job done. This unique approach transforms inefficient, cold and draughty properties into warm and cosy homes at a fraction of the cost and time of traditional methods. It also minimises disruption for the occupants and can reduce energy bills by as much as 1/4, saving hundreds of pounds. This has resulted in Q-Bot acquiring significant clients in the social housing sector, including Camden Council, Cardiff City Council, CityWest Homes, Islington Council and Peabody.
Mathew Holloway, CEO & Co-Founder: “The support of our investors combined with co-funding from the EU Commission’s H2020 program, has enabled Q-Bot to secure the accreditation critical to our customers and partners including a BBA Agrément Certificate and CE Mark. Q-Bot is now poised to roll out the service across the UK and capitalise on successful trials in France and the US. This new investment will allow Q-Bot to accelerate growth and put in place the infrastructure required to deliver the service across the millions of homes that need it. Q-Bot has already created dozens of jobs and insulated hundreds of homes, but our goal is to have an impact on a global scale, by transforming the construction industry with smarter solutions.”
EcoMachines Ventures’ original investment in Q-Bot was made in May 2014 and sits firmly within its investment focus which includes the use of robotics in industrial high-tech applications. Dr. Ilian Iliev, CEO of EcoMachines Ventures commented: “We are at the early stages of a transformation in the building and infrastructure industries, a game-changing development that will see the use of collaborative semi-autonomous robots to assist us in a range of tasks too dangerous, time-consuming or expensive for humans alone to perform. We have invested in Q-Bot because of the enormous potential of the company to be a leader in this sector. The team has the expertise, dedication and drive to grow a successful company. Since our original investment in 2014 Q-Bot have gone from strength to strength and its offering is now commercially available.”
This new investment round was led by impact investing specialist ClearlySo, along with Minerva Investors Group, Curious Capital, London Business Angels and Chicago Booth Angels. Hayley Collen, Investment Director at ClearlySo commented “This is an exciting time for Q-Bot as it looks to scale up in the UK and launch in new markets. ClearlySo is proud to have helped them raise capital at each step of their journey to improve energy efficiency and reduce fuel poverty for customers in the UK and beyond.”