Energy metering firm SenseLogix has secured £1m funding from a group of investors led by the North West Fund for Energy and Environmental, managed by CT Investment Partners.
Funding will also come from existing investors Beringea, through the Proven VCT fund, and Proven Growth & Income VCT and NorthStar Ventures, through the North East Accelerator Fund.
SenseLogix is based in Denbighshire and employs 10 staff but will move to Chester as a result of the investment. The company plans to have 45 staff by 2015. Being based in the North West is a condition of funding from the North West Fund. The location in Chester has yet to be confirmed.
The funds will be used to accelerate commercialisation of the EnergyLogix technology and strengthen its sales, technical and customer service teams. SenseLogix was established in 2009 to develop a series of energy measurement and control products designed to eliminate the electrical waste of IT systems and other small power items. The control system is now part of an enterprise energy management platform that includes metering, software, energy and carbon reporting tools and energy dashboards to support behavioural change of energy users.
Jonathan Luke, chief executive and co-founder of SenseLogix, said: "Through our partnership with The North West Fund and CT Investment Partners we aim to continue our success in the emerging energy services sector by providing robust, intuitive and cost-effective energy management solutions for building users. Our products and services enable our clients to make real savings and reduce their carbon footprint in the process."
The North West Fund for Energy & Environmental is financed jointly by the European Regional Development Fund and the European Investment Bank.