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enModus closes £1.5m in further funding
Date posted: 17 February 2014
Chepstow, UK, 17th February 2014 – enModus, a developer of Smart Home communications technology, today announced that it has closed £1.5m of seed investment from current investor Andromeda Capital Partners, and new investor Finance Wales. Following the investment round, enModus has relocated to larger premises in Chepstow, Wales, to accommodate planned growth of its engineering and commercial team.
The funding will enable enModus to launch its ground-breaking powerline communications technology, Wattwave, which has been specifically developed for embedding connectivity in appliances and buildings.
Andy Heaton, enModus’ CEO commented: “The Smart Home market is growing rapidly, with both major consumer electronics companies and new entrants successfully launching smart devices for the home. These devices need to connect reliably, regardless of where they are installed, which is something wireless technologies like Wi-Fi and Bluetooth cannot deliver. Wattwave offers extremely robust, long range and affordable communications for low bitrate monitoring and control applications, uniquely filling this gap in the market.”
Heaton continued: “This new investment from both Andromeda Capital Partners and Finance Wales also enables us to optimise and cost reduce Wattwave even further. With our existing grant support from the Department of Energy & Climate Change (DECC) under their Energy Entrepreneurs Fund (EEF), we can accelerate our technology roadmap and vastly increase the applications that can be supported with Wattwave”.
Welcoming Finance Wales to the Board, Heaton added: “We’re delighted that Finance Wales is joining Andromeda Capital Partners as an investor in enModus. With their investment, and additional support from the Energy Entrepreneurs Fund, we can bring Wattwave to market and make a reliable, affordable smart home a reality.”
Founded in 2010, enModus is a UK-based Smart Home technology company. The company’s core technology is Wattwave, a low-cost powerline communications protocol for appliances and buildings which offers unbeatable range and robustness.
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