A Glasgow-based data analytics platform is planning to create 50 new jobs after securing £5m from the Scottish National Investment Bank.
Utopi, which specialises in energy consumption monitoring technology, will use the bank’s support to scale-up to target new global markets.
By providing real-time and actionable environmental data in multi-tenant buildings, the sustainability firm is supporting the transition to Net Zero and Scotland’s tech ecosystem.
Figures indicate that the new Environmental, Social and Governance (ESG) technology is on track to reduce over 6,500 tonnes of carbon from multi-resident buildings over three years.
That will improve ESG performance by 20 percent, increasing asset value by up to five per cent.
Utopi CEO Jonathan Burridge, said: “This investment will support our ambitious plan to become the number one ESG Technology platform in our target markets. Data-driven transformation is essential to reducing global carbon emissions, and with the support of the Bank, we can reach audiences around the world sooner. The Bank really understands the opportunity we have to make an impact, and we are thrilled to have them onboard for the next exciting stage of our journey.”
The Scottish technology company is currently working in partnership with developer operator Moda Living in Edinburgh at its 476-home neighbourhood Moda, The McEwan, to monitor the energy consumption of individual properties located in the residential building.
For monitoring carbon emission levels, building managers have access to real-time data through the Global Real Estate Sustainability Benchmark (GRESB) and other ESG benchmarking tools. Residents can also track day-to-day energy usage through an app.
Nicola Douglas, executive director of innovation at the Scottish National Investment Bank said: “We are fully committed to achieving Scotland’s net zero targets.
“This investment has the potential to make a significant impact on carbon emissions in the real estate sector, futureproofing sustainable communities around Scotland.
“Our investment into Utopi will support several new data-lead jobs in the company, helping to build Scotland’s technology ecosystem.
“Utopi’s technology has a strong alignment with both our Net Zero and Innovation missions and we look forward to working with them to deliver their ambitious growth plans.”
Amanda Rennie, operations director at Moda Living, said: “Operating our rental neighbourhoods sustainably, and empowering our residents to live a green lifestyle are huge priorities for Moda Living. Utopi’s technology allows us to interact with the efficiency of our buildings in a way that’s completely unique to the residential sector – at Moda, The McEwan and at our rental neighbourhoods across the UK. We look forward to working together with Utopi and seeing the technology in action having secured this well-deserved investment from the Scottish National Investment Bank.”