Exeter tech firm secures major cash injection to help end fuel poverty

An Exeter company which has developed a money-saving tool to reduce fuel costs and generate greater efficiency from domestic and commercial heating systems, has revealed details of a significant cash injection from investors.

Minibems, which provides cloud-based network control systems to deliver energy and carbon reductions in a complex heat network environment, will use the seven-figure investment fromSET Ventures and Ascension Ventures to further develop its heat network control and demand management system in a bid to end fuel poverty in the UK.

The Internet of Things (IoT) and smart heating solution is designed to de-carbonise the heat network market, helping customers benefit from low energy bills, reduction in unplanned maintenance costs and revenue assurance. This innovative approach delivers a comprehensive and unique heat network management service, leveraging real-time online monitoring and controls to provide energy efficiency gains, remote diagnosis and repairs, as well as metering and billing services. 

Speaking of the recent investment, Finian Parrick, CEO of Minibems, said: “This investment is great news for Minibems, our customers and our partners as it enables us to invest heavily in our service offering, software and product to deliver better performing heat networks that use less fuel, facilitate decarbonisation and cost less to maintain. Partnering with SET Ventures and Ascension Ventures helps us reach more customers across the UK and Northern Europe where their expertise and market knowledge will help us expand our operations.”

As a member of SETsquared Exeter, Minibems has gone from strength to strength in recent years and is now based at the Exeter Science Park. Having started out in a small office at the University of Exeter’s Innovation Centre, the team is set to grow significantly from its sites across London and Exeter. It is also collaborating with the University Engineering, Mathematics and Physical Sciences department on testing to accredit its money-saving product and develop machine learning for the provision of domestic hot water to end users. 

Finian continued: “We are incredibly grateful for the support we’ve received from the SETsquared Exeter to help us secure this exciting investment from SET Ventures and Ascension Ventures. Over the last five years, the team has helped with everything from fine tuning our pitches to investment prospects, to offering bespoke workshops and mentorship from other entrepreneurs in residence. Opportunities such as the Scale-Up Investor Breakfast Briefing through its bespoke Scale-Up Programme also helped create a market for investment.”

Joe Pearce, Centre Director for SETsquared Exeter, said: “Minibems has always been a very active member of the SETsquared community. The team’s high-tech, high-growth ambitions and relentless work ethic has been recognised in this investment and I am excited to see where they go next. The technology they have developed will really impact the market and ultimately change people’s lives.”

Craig Douglas, Investment Manager at SET Ventures added: “Minibems improves the operation and performance of heat networks for all members in the value chain. This multi-benefit application allows for the fast deployment of Minibems in new and retrofit heat networks, which is a truly unique position to be in. We believe the immense experience and knowledge of the team can drive this company to great success.”

Emma Steele of Ascension Ventures commented: “Ascension Ventures uses its Fair by Design (FBD) social impact fund to support firms like Minibems, whose product will make a significant difference to fuel poverty and carbon reductions. The innovative approach by Minibems, which leverages IoT technology, makes sure it is applicable to existing and new heat networks, which means it can start helping lower income families to stay warm now and in the future.”

With heating and cooling consuming half of Europe’s energy, the heat sector is increasingly being challenged to supply heat more efficiently and sustainably. Heat networks will play a major role in decarbonising heating to meet the UK’s climate goals. Currently, the major challenge for heat networks is to increase their efficiency.

Minibems’ technology is available to anyone looking to reduce their fuel consumption and generate greater efficiencies, including building and facilities managers, engineers and architects, heating product manufacturers, residents and more.

For more information on Minibems and its innovative energy efficiency technology, visithttp://www.minibems.com/

SETsquared Exeter is part of the SETsquared Partnership, an award-winning and world-leading business incubator and start-up accelerator network which has supported more than 3,500 technology-based organisations through their lifecycle, helping them raise more than £1.8bn.

It is a long-standing partnership between the universities of Bath, Bristol, Exeter, Southampton and Surrey which specialises in growing high-tech start-ups through its support programmes and other business acceleration services. SETsquared provides entrepreneurial training, mentoring, access to investors and corporate innovators and a wide range of industry experts through its network and training programmes.

For more information on SETsquared Exeter’s award-winning business incubation and acceleration support, visit https://setsquared.exeter.ac.uk/ or follow @SETsquaredExe on Twitter.