Air conditioning innovation Spiralite secures £3.1m from Octopus
Investment will fund growth of energy-saving technology and recruitment of new hires
Spiralite, an air conditioning technology said to be “transforming” the building industry, has raised £3.1m from Octopus Investments – the company’s first ever institutional funding.
An organic, non-metal pre-insulated material, Spiralite’s technology is used to create ducts for delivering heating, ventilation and air conditioning in domestic, commercial and industrial buildings.
More energy efficient than traditional metal, the patented technology has already been used by Marks and Spencer in their Stratford City branch and Guy’s and St Thomas’ Hospital near London Bridge.
It intends to use the investment to expand its team at its factory in West Thurrock and its second office in Manchester.
Spiralite managing director, Mel Ragnauth, said: “Change is afoot in the building industry. We believe there is a real opportunity in the ductwork market, which is crying out for a modern innovation to reduce embodied carbon and help lower energy bills across the economy.
“The market for the supply and installation of ductwork and insulation in the UK is estimated at around £700m per annum, and with this funding from Octopus, we’re excited to take on the challenge of bringing the Spiralite technology to ever more projects.”
Jane Vinson, a member of the Ventures team at Octopus, continued:
“At Octopus we’re always looking for businesses with the capability to disrupt and dominate a market, and Spiralite are certainly looking to do just this in the insulation and ductwork industry.”