Heatio secures investment to develop home energy management system
Heatio, a UK cleantech start-up, focused on smart home energy management, is pleased to announce that it has secured £560k of new funding following the completion of its Seed fundraising round in April 2023. Having an original target fundraise of £500k, the Seed Funding round was significantly oversubscribed and capped at £560k, with a total of 30 new angel investors supporting the round.
Founded in 2022, Heatio leads the charge to Net Zero with development underway of its innovative Home Energy Management System (HEMS). Delivering the next generation of eco-smart technology, the HEMS will utilise AI, discreet sensors, intelligent building modelling, machine learning and smart meter data to provide homeowners with accurate energy profiling and insights to future-proof their homes and reduce their energy usage.
Heatio presented its HEMS development roadmap to investors with support from its investment partners North Invest, the LCR Angel Network and UK Business Angels Association (UKBAA). Each of them recognised the potential of Heatio’s HEMS as a means for consumers to understand and access affordable clean energy with control, optimisation and flexibility in the home.
Jordan Dargue, Managing Director of NorthInvest Commented: ‘NorthInvest are proud to have supported another tech for good business in their growth plans. Heatio’s technology will help consumers to save energy and cement the North as a hub for net positive innovation.’
Katie Nicholson, Director of LCR Angel Network, commented: ‘I am delighted that Heatio has successfully closed its Seed funding round with the support of members of the LCR Angel Network. This is further testament that the LCR Angel Network plays an important part in the ecosystem, enabling ambitious businesses to access the vital early-stage capital to support their growth plans.
Heatio has a pioneering approach to renewable energy use in the home and with their very timely focus on net zero – I am excited to follow their progress, I wish the team all the best in the next stage of their growth journey,’
Roderick Beer, Managing Director of UKBAA, Commented: ‘I am delighted to see Angels backing a British CleanTech business with not just valuable funding but advice and mentorship too.’
The investment from the funding round will enable the Heatio team to progress forward with the development of the innovative HEMS and to establish key markets across the UK. Helping consumers make green home improvements whilst driving forward the adoption of renewable technologies in the nation’s mission to Net Zero by 2050.
Heatio received advanced assurance under the Seed Enterprise Investment Scheme (SEIS & EIS) which allows investors to receive a range of tax reliefs including 50/30% tax rebate and 0% capital gains on their investment. In September 2022 the Chancellor announced an increase to the amount of investment that could be raised under SEIS to £250k and Heatio are one of the first businesses to benefit from this increase, having come into effect in April 2023.
Thomas Farquar, Heatio Commercial Director, commented: ‘We are delighted to have gained an array of individual and institutional investors who share our vision to drive forward technology-led change in the energy sector and we now have the resources to help us turn it into reality.
We could not have achieved this without the support of our partners North Invest and the LCR Angel Network, who have been instrumental in providing vital connections to funding and expert investors. We now look forward to building our shareholder relationships and developing our Home Energy Management System ready for deployment into the first UK homes. This will help consumers to access green technology and reduce the use of fossil fuels to decarbonise their homes.’
Heatio’s anticipate a Series A round in late 2024 to support the wide-scale commercial rollout of the Home Energy Management System. If you would like to be kept up to date with any future investment opportunities please join our investment panel below.