Enterprise Ireland Join Bank of Ireland and AIB Seed Funds to Syndicate Fund to Drive EpiSensor's Internationalisation
EpiSensor, the Limerick based company that develops wireless sensor technology, has received €850,000 syndicate funding from the Bank of Ireland Start-up and Emerging Sectors Equity Fund, the AIB Seed Capital Fund, Enterprise Ireland and private investors, and the company says the funding will be used to drive employment and grow international sales.
The company was founded in 2007 with the aim of bringing a new wave of wireless sensor network & data collection technology to the marketplace. Its wireless technology platform (SiCA), which is designed and manufactured in Ireland, helps companies monitor the useage of energy by providing data from wireless energy sensors that show where energy savings can be made, and reduce the environmental impact of associated CO2 emissions. It claims it has helped organisations in the pharmaceutical, medical devices, food processing and manufacturing industries to significantly reduce their energy cost. Currently its systems have been installed in companies including IBM, Johnson & Johnson and Citigroup. The technology is presently monitoring 40 sites in Australia, more than 100 homes in Ireland, with customers also in the United States, Switzerland, New Zealand and Hungary, and EpiSensor will use the funding to grow sales in international markets by expanding its sales team.
EpiSensor's Co-founder and Chief Executive, Gary Carroll, said the company is planning to take advantage of the new wave of wireless technology; "The global potential for wireless energy monitoring systems is enormous. Energy prices are rising and for organisations to control energy costs, they first need visibility of where and when energy is being used within their organisation. We provide accurate real-time energy usage data allowing our customers to make informed decisions to improve efficiency and reduce costs. The scale of the opportunity is truly global with identical problems needing to be solved throughout the world."
Launched in December 2010, the €17 million Bank of Ireland Start-Up and Emerging Sectors Fund was created to support Irish start-up or early stage businesses. The fund seeks to make investments of between €100k and €500k in high potential start-up companies that have an innovative idea, the potential to export and are operating in life sciences, medical devices, ICT, software, internet, emerging technologies, R&D and trading companies.
Shay Garvey of Delta Partners, the venture capital firm who manage the Bank of Ireland Start-Up and Emerging Sectors Fund, said: "We see major potential for EpiSensor to become international leaders in wireless sensor technology. EpiSensor has developed a complete product range and has successfully deployed large-scale systems. With new products scheduled to be released in the coming months it will enhance the company's ability to sell into areas such as water treatment, building management and smart metering which represent significant opportunities for the company."
Welcoming the announcement John Dillon, Enterprise Ireland Manager High Potential Start Ups said: "Enterprise Ireland is working closely with EpiSensor and is delighted to have supported this highly innovative export-oriented company. Their focus on R&D has allowed them to develop a product that clearly meets a defined customer need and provides strong customer benefit. The energy efficiency sector is a growing market space with major potential for ambitious Irish companies like EpiSensor, and Enterprise Ireland is working with them to further develop their international growth."
The largest syndicate member was the Bank of Ireland Start-up and Emerging Sectors Equity Fund (€500k), the AIB Seed Capital Fund (€190k), Enterprise Ireland (€100k) and the remaining investment (€60k) coming from the company's promoters.
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