Welsh start-up enModus secures £3m in mission to make UK homes smart
The Chepstow-based proptech business plans to expand across international markets and double its staff numbers with the funding
enModus, a tech start-up looking to help property owners make their buildings ‘smart’, has announced the close of a £3m Series A investment round led by shopping centre owner intu, Breed Reply and Finance Wales.
Launched in 2010, enModus’ patented Wattwave technology enables people to connect any mains-powered object in their building to the internet, meaning they can be controlled and monitored remotely.
According to the start-up, Wattwave “can transform any industrial, commercial or retail property into a smart building” simply by connecting appliances to the cloud using existing power lines.
Based in Chepstow, Wales, the business currently specialises in smart light control and building energy management, and counts the likes of Volvo in its list of global customers.
This latest funding round brings enModus’ total investment to £9m, and will facilitate the company’s growth across international markets including Europe, North America, Asia-Pacific and more.
The start-up, which currently has 16 staff members, also plans to double the number of employees in its engineering and commercial teams over the next 18 months.
With more and more people living and working in smart, connected homes and offices, this investor interest in enModus reflects the growing prevalence of the Internet of Things (IoT), which enables everyday electronic possessions – from kettles to cars – to be connected to the internet.
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Not surprisingly, the ability to connect everyday household objects to the internet has also been met with trepidation in some quarters and has brought about a new form of security threat – namely that cyber criminals and hackers may now target domestic appliances as appose to big businesses.
Andy Heaton, founder and CEO at enModus, commented:
“The completion of our A round with the funding and support of intu, Breed Reply and Finance Wales is a real game-changer. It will allow us to rapidly grow our customer base across multiple regions.
“The Internet of Things (IoT) 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.”