Cambridge green lighting company, iSotera plans to launch its first products later this year having closed a £1.1m funding round led by Qi3 Accelerator.
The round was also backed by the Low Carbon Innovation Fund (LCIF) (part funded by the EU), Moonray Investors, Synergy Energy, London Business Angels and the LBA EIS Roundtable Syndicate Fund, Martlet, Cambridge Angels, Cambridge Capital Group and Surrey Investment Club.
The system is based on novel power distribution architecture and features contactless power transfer. It provides a durable lighting infrastructure in buildings and outdoors whilst reducing capital costs by 30-50% and reducing electronic waste by as much as 60%, the company says.
iSotera says it is working in partnership with key players in the global lighting supply chain to offer end-to-end solutions to contractors and system integrators. The company will use the funds to expand the team, launch its first suite of products and generate revenues.
Having met iSotera’s founder Marc Ottolini in Cambridge, Paul Anson, Tim de Vere Green and Nathan Hill of Qi3 Accelerator offered to work with iSotera to bring together the syndicate.
Martlet publicly announced it was looking at investing in iSotera as long ago as last May and it is believed a deal has been on the cards even longer. Detailed due diligence which also identified the need for a longer cash runway have been offered as the main reasons for the long time scale of the deal, but now the company has raised more money through a greater number of investors than would have been possible one year ago.
iSotera’s CEO Marc Ottolini said: “With the completion of this funding round we shall now implement our mission, which is to turn iSotera into the default network infrastructure of intelligent lighting, the invisible part of the system that makes it all work. I am delighted to have a group of investors behind us who had the vision to back us at this early stage.
“Qi3 Accelerator did amazing work to pull this large syndicate together and LCIF’s involvement was a great encouragement for other investors to join. The end result is not only the money but also a high calibre Board. During the many months that we have been working together on this deal we have gelled as a team, allowing us to make a running start. I hope that our efforts will further strengthen the power electronics cluster in Cambridge.”
Qi3 Accelerator’s Paul Anson who led the syndicate said “We have worked with Marc for over a year to develop the business plan, structure the Board and management team to deliver success. The advent of LED lighting is an established trend – iSotera’s novel power distribution and control system will squeeze the best possible energy efficiency from these lights and reduce the cost of ownership. I look forward to iSotera’s product launch later this year’.
Advisors to the transaction included Harrison Clark, Taylor Vinters, Mills and Reeve and Gill, Jennings and Every. Peter Cowley and 42 Technology provided technical due diligence and design support.
Qi3 recently announced the launch of the UK's first high value manufacturing bootcamp. Teams have until May 4 to apply and it takes place at Madingley Hall near Cambridge from July 23 to 25.
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