Welsh proptech startup closes £3m Series A

Author

Development Bank of Wales

12 July 2017

EnModus, a smart building technology company based in Wales, has secured £3m in Series A funding.

Those who took part in the round include intu, which is one of the UK’s largest shopping centre owners; Breed Reply; and Finance Wales.

Based in Chepstow, PropTech firm enModus has developed technology that can transform any industrial, commercial or retail property into a smart building, simply by connecting all devices to the cloud via an existing power line.

Launched in 2010, enModus specialises in Smart Lighting Control and Building Energy Management.

The £3m in Series A funding, which brings total investments in the company to date to £9m, will help the firm accelerate its growth across Europe, North America, Asia-Pacific and beyond. EnModus also aims to double its staff count of 16 within the next 18 months.

Andy Heaton, founder and CEO of enModus, said: “This is an exciting moment for enModus. Having intu, such a key player in commercial real estate, joining our key investors and supporting enModus is a validation that our technology is the best fit for safer and smarter buildings and that we provide our customers with a platform that helps them manage their energy efficiency priorities in the most effective way.”

He went on to describe this new funding as a “real game-changer” that will enable the firm to rapidly grow its customer base.

“The Internet of Things is driving new possibilities for control of a wide range of devices from LED lighting to building control and other connected systems. It’s a huge market and we’re now well-placed to take advantage of that,” Heaton concluded.

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