Deer Technology raises £1.3m to scale remote meter reading technology
The Development Bank of Wales and Wealth Club backed the round to fund commercial growth.
Share allotment filed at Companies House
Deer Technology has developed a retrofittable camera system that converts traditional analogue utility meters into smart readers.
Deer Technology has secured £1.3m in equity funding to support its commercial expansion and fulfill a major contract with Wave. The Development Bank of Wales led the round with a £250k investment, alongside £820k raised by Wealth Club and participation from existing angel investors.
The company manufactures the LimpetReader, a device that attaches to standard analogue water, gas, and electricity meters to capture and transmit time-stamped readings remotely. The capital will enable the firm to install 8,500 readers for Wave over the next two years while further developing its core technology.
From the founder
"Utility businesses are facing increased governmental and regulatory pressure to provide accurate meter readings and improve their environmental credentials. We’ve spent the time developing and patenting our innovative technology that now provides real-time accurate meter reads to meet regulatory requirements, remotely and at half the cost."
Craig Mellor
Chief Executive at Deer Technology
Investor perspective
"We offer experienced investors more compelling and advanced investment opportunities than those normally available through mainstream investment platforms and financial advisers."
Alex Davies
Founder and Chief Executive, Wealth Club
Use of funds
- 01Expand into international markets
- 02Scale operations
Investors
Categories
About the company
Deer Technology
Deer Technology manufactures remote meter reading devices for utilities.