Funding of €850,000 has been provided to EpiSensor, a Limerick-based company that develops wireless sensor technology that reduces energy costs. The syndicated funding has been provided by the Bank of Ireland Start-up and Emerging Sectors Equity Fund, managed by Delta Partners, the AIB Seed Capital Fund, co-managed by Enterprise Equity, Enterprise Ireland and private investors. The funds will enable EpiSensor to create new jobs and grow international sales.
EpiSensor has seen rapid growth since it was founded in 2007. Its wireless technology platform (SiCA) reduces energy usage and costs by providing data from wireless energy sensors that show where energy savings can be made. It has helped organisations in the pharmaceutical, medical devices, food processing and manufacturing industries to significantly reduce energy costs and the technology has proven to pay for itself within the first year. The system is designed and manufactured in Ireland.
EpiSensor will use the funding to grow sales in international markets and expects to create 10 new jobs in the area of sales and development. In particular, EpiSensor will be recruiting highly skilled individuals capable of operating to the highest standard with experience of doing business internationally. Its systems are installed with large multinational customers in the pharmaceutical, medical device, financial services and technology sectors. The technology is presently monitoring 40 sites in Australia, more than 100 homes in Ireland, with customers also in the United States, Switzerland, New Zealand and Hungary.
EpiSensor is run by Gary Carroll and together with a strong management team they plan to take advantage of the new wave of wireless technology and embark on EpiSensor’s next phase of growth.
“The global potential for wireless energy monitoring systems is enormous,” said EpiSensor Founder and Chief Executive Gary Carroll. “Energy prices are rising and for organisations to control energy costs, they first need visibility of where and when energy is being used within their organisation. We provide accurate real-time energy usage data allowing our customers to make informed decisions to improve efficiency and reduce costs. The scale of the opportunity is truly global with identical problems needing to be solved throughout the world.”
Donal Duffy, Head of Enterprise Ireland Relations at Bank of Ireland said: “ Supporting innovative companies like EpiSensor is key to the success of the Bank of Ireland Start-Up and Emerging Sectors Equity Fund. It clearly demonstrates how businesses can be supported from their start up stage. EpiSensor provides companies with energy efficiency and cost saving technology which is a primary focus for every company. We are delighted that the fund is being used as part of this “green” story and support EpiSensor as it expands its international footprint.”
Welcoming the announcement John Dillon, Enterprise Ireland Manager High Potential Start Ups said: “Enterprise Ireland is working closely with EpiSensor and is delighted to have supported this highly innovative export-oriented company. Their focus on R&D has allowed them to develop a product that clearly meets a defined customer need and provides strong customer benefit. The energy efficiency sector is a growing market space with major potential for ambitious Irish companies like EpiSensor, and Enterprise Ireland is working with them to further develop their international growth.”
Frank Walsh of Enterprise Equity said, “We recognise the tremendous progress Gary and his team have made since our initial investment in 2008, we think that EpiSensor has the technology, team, and now the funding to deliver significant growth.”
Shay Garvey of Delta Partners said: “We see major potential for EpiSensor to become international leaders in wireless sensor technology. EpiSensor has developed a complete product range and has successfully deployed large-scale systems. With new products scheduled to be released in the coming months it will enhance the company’s ability to sell into areas such as water treatment, building management and smart metering which represent significant opportunities for the company.”
