UK energy optimisation platform xWatts, which reduces costs and emissions in commercial buildings, has secured $1.8 million in a seed funding round led by Antler, with participation from Cambridge Enterprise, Parkwalk Advisors, R42 Group, and several angel investors.
- Established in 2022 by Yigit Akar and Alexander A., xWatts develops cloud-based energy management software to reduce costs and emissions in commercial buildings.
- xWatts enhances energy efficiency by managing load conservation, shifting, and peak trimming, as well as optimizing energy generation and storage. This approach results in 25-39% energy savings and a 4x annual return on investment.
Details of the deal
- The investment was led by Antler, a Singapore-based venture capital firm that funds startups across six continents. With 30 global offices, Antler has built a portfolio of over 1,000 investments, including 400 European startups, in the past five years. The firm has facilitated exits for 142 companies, such as Leather, Earth 3.0, Incito, and Bounti.
- The funding round also included participation from Cambridge Enterprise, King's Cross-based VC Parkwalk Advisors, Stanford-based R42 Group, and several angel investors.
- With the new capital, xWatts plans to enter new markets and expand its team, particularly in product, engineering, and business development.
“We would also like to thank Ollie Purdue from the Antler team for his outstanding support and our chair Malcolm Brinded for his guidance and belief in us. We are extremely grateful to be working with you,” xWatts team, commented in a press release.
