8power completes £2M growth funding round – Welcomes Low Carbon Innovation Fund 2

A funding round has been just been completed by 8power Ltd, the Cambridge based sensor technology company, as it continues to gain traction and grow in the Industrial Internet of Things (“IIoT”) market.

This round raising a further £2m includes follow-on investment from IP Group, Cambridge Enterprise, 8power management and HNWI investors and welcomes the Low Carbon Innovation Fund 2 (“LCIF”), being managed by Turquoise, the UK merchant bank specialising in energy, environment and efficiency.

wireless applications suitable for IoT8power has developed and supplies ‘Fit & Forget’ real-time condition monitoring data & analytics that lets industrial clients see how their assets are performing at all times, typically across thousands of remote assets such as pumps, motors and gearboxes. A major USP of the patented technology, that was initially developed at The University of Cambridge, is that the sensors can operate without battery power or being hardwired as they harvest energy from the vibrations of asset operation. This means sensing, wireless communications & on device analytics are not limited as with typical battery powered solutions opening significant opportunities for true real-time data and asset management.

Kevin Murphy, Director at Turquoise, commented: “8power provides a ‘Fit & Forget’ remote monitoring solution for key industrial machinery, this helps the customer identify problems with industrial machinery and plan maintenance and interventions to extend the life of an asset and prevent catastrophic failure.  We are delighted to make this investment as it fits very well in the investment strategy of LCIF2 into technologies helping to reduce greenhouse gases (“GHGs”)”.

Paul Egan, CEO of 8power added: “We are delighted to welcome LCIF2 as an investor in 8power. This investment will enable us to achieve our goal of growing the business in the UK and Europe, as well as strengthen our links to local and national government”.

8power continues its focus and growth in the UK water industry and has plans to operate internationally and in additional markets including energy, chemical, HVAC, Oil & Gas and wider industrial settings.

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Further Information

For assistance, please email pressoffice@8power.com or contact:

8power Ltd., Future Business Centre, Kings Hedges Road, Cambridge, CB4 2HY, UK

Tel       +44 (0)1223 781610            Switchboard

Web    www.8power.com

 

Paul Egan                 paul.egan@8power.com                CEO

Glen Clark                 glen.clark@8power.com                 CFO

Richard Green          richard.green@8power.com          Chairman

Keith Lomas              keith.lomas@8power.com              Investor Director

 

Notes to Editors:

8power provides remote condition monitoring of industrial machines and is able to provide real time data for customers who are then able to plan maintenance which not only extends the life of the assets but also helps prevent catastrophic failure events.