Sustainable Accelerator portfolio companies secure funding – June 2020
News update on funding for two Sustainable Accelerator portfolio companies – June 2020
Airex secures government investment in scheme designed to boost economic recovery from the impact of COVID-19
Airex Technologies has successfully secured funding as part of a £40 million government investment in start-ups to drive forward new technological advances. The competition was fierce with only a few hundred winners from 8,600 applications.
The investment will support R&D developments to the Airex’ dashboard to provide rapid response to a significant lifestyle change caused by covid-19, through developing novel features in our product.
Airex smart ventilation unit uses IoT technology to improve both energy efficiency but also to monitor and improve Indoor Air Quality.
Agnes Czako, Co-Founder and Managing Director commented:
“We are extremely grateful for Innovate UK and the UK Government to support our company and to recognise how our cutting-edge technology can make a major contribution to the recovery through supporting vulnerable people.”
Government press release – https://www.gov.uk/government/news/40m-boost-for-cutting-edge-start-ups
DryGro closes Series A at £3.8m and launches €761k project with European Space Agency and UK Space Agency
Sustainable Accelerator company DryGro (CO2i Ltd), a UK-based startup growing a high-protein variety of duckweed called Lemna, has closed the last tranche of its Series A round with an investment of £2m from the Becht Family Charitable Trust (BFCT). This funding follows a previous tranche of £1.8m, bringing DryGro’s total Series A raise to £3.8m.
The company also announced the launch of a €1.5m project with European Space Agency, of which ESA and the UKSA will provide €761k in funding. This project will be run in partnership with RHEA Group, BuildX Studio, and Hypr Collective (an IOT consultancy). The project will use Earth observation data and IoT systems to monitor DryGro’s controlled-environment system. The data collected will enable DryGro to create ideal growing conditions, boosting yield and protein content. This project is DryGro’s second collaboration with ESA.
DryGro was founded in 2015 and operates a pilot production facility in Kenya. DryGro produces Lemna, a high-protein crop that can directly substitute for soybean meal in animal feed. Using its proprietary growing system, DryGro can produce animal feed protein 8x faster than traditional soy meal production, and using 99% less water.
The company intends to use the proceeds of the Series A investment to advance the development of its Lemna production facility in Kenya and expects to enter commercial-scale production of Lemna in 2022.