The climate tech company added backing from Bayes Entrepreneurship Fund, One Planet Capital and Cell Capital to complete a £4.1m total Series A round.
"Impact is at the core of what we do at AirEx: to help the decarbonisation of homes and eliminate Fuel Poverty. With the help of this investment and business support we are well positioned to execute our vision – to become a ‘no brainer’ solution for social landlords and homeowners looking to reduce energy consumption in a non-disruptive way. We are truly excited to have the support of such like-minded, mission driven investors."
The London startup raised the funds from British Design Fund and other backers to move from prototype to production.
"The idea for Phare came from my own personal experience with smoke detectors. Our alarm kept going off, so naturally, being an engineer, I took it apart to take a closer look. I realised the technology was really simple and after reading up on the effectiveness of current alarms, I knew there had to be a better solution. With our engineering backgrounds, myself and Arnau felt well suited to take on the challenge!"
The funding will support equipment for upcoming trials and team expansion.
"Our hardware-based solution has none of the disadvantages of current systems and makes the addition of security a ‘no brainer’. The funding will help us to take the final step and bring it to market."
Northern Gritstone led the Series A investment, with backing from Mercia and the Northern Powerhouse Investment Fund.
"We’re really excited to be backed by the Northern Gritstone team and continue to have the support of Mercia and the Northern Powerhouse Investment Fund. With this new funding we can realise our vision more quickly – enabling anyone, anywhere to access the power of digital twins and decision intelligence and make a quantifiable difference to some of the biggest challenges we face today. 2023 will be an exciting year as we accelerate the release of cutting-edge capabilities on this journey."
Scottish Equity Partners backed the Glasgow based Internet of Things connectivity business to fund product development and sales expansion.
"This investment sets us well to accelerate our growth as an independent business. Pelion is at the forefront of the IoT connectivity market, serving a multitude of customer use cases around the globe, and we are excited to be embarking upon the next stage of our journey. The investments made into our technology and products over the past five years make us an ideal partner for any enterprise seeking to utilise IoT to drive their business outcomes."
