Energy innovator IONATE has secured 拢3.3 million seed financing.
Founded in 2019 by CEO Matthew Williams, the Edinburgh company claims to resolve key power quality issues associated with energy decarbonisation.聽
It also boosts reliability and productivity of connected assets, including renewable generators and battery storage, as well as the distribution grid itself, enabling the low-carbon energy transition on multiple fronts.
The funding round was led by deep-tech investor IQ Capital, with additional support from Smartworks, the investment arm of leading Austrian energy supplier Wien Group, CleanTech impact VC Cycle Group, and deep-tech climate investor Zero Carbon Capital.
It included investment from the University of Edinburgh鈥檚 venture fund, Old College Capital. The company has been supported by Edinburgh Innovations, the University of Edinburgh鈥檚 commercialisation service, with additional grant funding from Innovate UK.
鈥淭his investment round will enable us to commercialise our offering and realise IONATE鈥檚 role as a technology leader in the journey towards Net Zero,鈥� said Williams.聽
鈥淚鈥檓 very excited for the next chapter and to work side-by-side with our investors and partners on what promises to be a time of extraordinary development and growth.鈥�
The company is currently working with its UK-based manufacturing partner to finalise the full-scale version of HIT, its proprietary hardware. HIT devices will be deployed in parallel proof-of-concept trials across multiple geographies, scheduled to begin next year.
Andrea Young, head of investment at Old College Capital, said: 鈥淲e are delighted to join this seed round alongside a specialist syndicate of investors led by IQ Capital. IONATE has developed an elegant technology solution, able to help power grids manage major challenges associated with the energy transition.聽
鈥淭here鈥檚 an urgent need for its control technology as the transition towards clean energy is driving enormous growth in electrification, renewable generation, and electric vehicle charging.鈥�