INSIGHTS / News

SETsquared Exeter member Minibems has attracted a new round of funding from its current investors, led by SET Ventures and supported by Ascension Ventures. The investment is match-funded by The Future Fund, the United Kingdom government’s co-investment scheme for innovative and high growth companies.

Minibems is an Enterprise Internet of Things (IoT) platform and heat network managed service designed to de-carbonise the heat network market. The unique offering includes real-time online monitoring, automated optimisation, heat telematics for remote diagnosis and repairs, as well as metering and billing services. Minibems clients benefit from up to 40% lower fuel bills, 80% lower unplanned maintenance costs, and accurate and easy billing payment.

This new round will enable Minibems to strengthen its product development and service offering as it continues to grow in the heat network market across the UK and Europe. As part of the strategy, we are pleased to announce that Simon Gunter is joining the company as Executive Chairman.

With heating and cooling consuming half of Europe’s energy, the heat sector is increasingly being challenged to supply heat more efficiently and sustainably. With new legislation and regulation in the pipeline both the UK and Scottish governments, amongst other European countries, have reinforced the commitment to heat networks as a key technology to decarbonise and to meet climate goals.

Craig Douglas, Principal at SET Ventures comments: “The opportunity in heat networks continues to grow and Minibems is ideally positioned to capitalise on this with their unique offering. Heat networks need Minibems to become efficient and low carbon”, “We are eager to support Minibems in this growth trajectory and welcome Simon Gunter to the team.”

Incoming Executive Chairman, Simon Gunter, said: “The way buildings are designed and operated for heating and maintenance is inefficient and inaccurate respectively, and due for a fundamental change. We should be able to use technology to ensure we minimise energy usage, optimise maintenance cycles, reduce engineer call-outs, and assist companies in meeting current and future decarbonisation goals. I look forward to assisting Minibems in driving this change. Now is a very exciting time.”

Finian Parrick, CEO of Minibems said: “Over the past twelve months, and despite the coronavirus pandemic, we have seen great resilience in the growth our two target sectors: heat networks and smart buildings. This new investment allows us to accelerate the work we began a year ago, adding valuable services and unique features to our product offering. We are excited by this support by SET Ventures and Ascension Ventures in our goals of decarbonising the built environment and creating affordable heating for consumers.”