Oxford, United Kingdom-based tech start-up founded by Oxford University engineers, EcoSync raised GBP 964,603 in recent funding. The second seed of the funding round took place on November 29, 2022. RO Capital Partners, the Oxford Innovation EIS Growth Fund, Richard van der Knaap, angel investors Steve Headington, and Bruce Melizan, EcoSync’s Chairman, participated in the financing. Meanwhile, Crowdcude lent the rest of the funding.
Purpose of financing for EcoSync
With the latest proceeds from the second seed of funding, EcoSync intends to accelerate the development of its energy solution. Its energy solution allows owners and operators of commercial buildings to reduce their heating bills and carbon footprint by up to half without compromising occupant comfort.
In addition, the company looks forward to expanding into new sectors beyond its initial focus on higher education properties, bringing its energy-saving benefits to other commercial buildings such as offices, schools, and hotels.
Besides, EcoSync seeks to grow its team to further develop the AI features of its solution to make it smarter and even more effective. It will also allow the rollout of product enhancements to existing customers.
What the company’s official has to say
Nick Pledge, CEO, EcoSync, said, “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. 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 to accelerate growth.”
What the investors have to add
Edward Rowlandson, Group Managing Director, the RO, said, “We first invested in EcoSync as we were very impressed by the management team, and we saw the opportunity for EcoSync’s technology to help transform energy efficiency standards and respond to legislation coming into the commercial property sector. EcoSync’s advantage is the combination of technology, price, and ease of installation. Its competitive position is very compelling, particularly right now when budgets are increasingly under pressure.”
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.”
About the company
In 2018, Founders Miklos Mohos and Zsuzsa Mayer launched the company. EcoSync provides building managers with control over the heating of rooms individually, considering different occupancy levels and needs whilst also allowing users to adjust temperatures via QR codes available for each room.
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