Innovative company defies credit crunch to secure £4.2m funding and create over 200 new ‘green jobs’
Posted: Tuesday 5th May 2009
Innovative new UK company i2O Water has successfully completed a £4.2m fundraising round and will now roll out its technology in both the UK and internationally, significantly reducing water leaks and producing substantial carbon savings.
Southampton-based i2O Water has shown that despite the credit crunch, businesses developing innovative technology to solve environmental problems are still able to raise investment. i2O expects to create more than 200 green jobs over the next five years through the funding from existing shareholders and a consortium of venture capital funds led by Swarraton Partners.The i2O system manages pressure on the water distribution network, optimising performance and improving service for water company customers. In trials of the system with leading water companies, leakage has been reduced by over 25 per cent.
i2O was founded in 2005 by Adam Kingdon and Andrew Burrows. The two founders believed strongly that new technology could help solve the problem of leakage in water networks and that this would become increasingly urgent as water became scarcer around the world. They assembled a strong cross disciplinary technical team to develop their ground breaking technology.
i2O’s first system was demonstrated on a part of Severn Trent’s distribution network in January 2008. Leakage savings of 26 per cent were significantly ahead of expectations and resulted in a first order from Severn Trent in September 2008. Pilot projects are now up and running with a number of other UK water companies, including United Utilities, Northumbrian, South Staffs and Portsmouth. There is also considerable interest outside the UK, particularly from water-stressed countries such as Australia, China, the US, Italy and Spain.
i2O Managing Director Adam Kingdon said: “I am delighted to be working with Swarraton, whose partners have a very strong track record of investing in European early stage technology businesses.”
i2O was advised in the fundraising and transaction by First Capital, specialists in raising venture capital for high growth technology companies.
