Last Updated on: 21st November 2023, 08:46 pm
New investment to drive UK, Europe, and USA expansion
EMV Capital (“EMVC”), the VC investor specialising in early-stage high-growth deep tech companies, is delighted to announce that it has led the completion of a £3.5 million investment round into its portfolio company Q-Bot, a developer of robots for use in the construction and retrofit industry.
The funding was led by EMV Capital, syndicated from a cohort of private investors and family offices. The funding round was also supported by Wealth Club, the UK’s largest investment service for high net worth and experienced investors, and for the first time Adjuvo, a London-based investment syndicate. The new funding will support Q-Bot’s growth in its principal UK market and expansion into Europe and the USA.
Alongside the fundraising, Q-Bot has also announced the appointment of John Kennedy as its new CEO following his joining Q-Bot in late 2022. John has extensive experience as CFO and CEO in growth businesses ranging from start-ups to publicly listed companies in technology and financial services.
Using AI and robotics, Q-Bot’s insulation is deployed beneath suspended timber floors or to the underside of suspended concrete floors. A remotely operated robotic device applies a continuous layer of spray-foam insulation to the underside of the floor, resulting in a reduction in heat loss through the floor and a barrier to cold air draughts.
Q-Bot’s advanced insulation is installed in over 200 homes every month, with revenues increasing by 60% over the past 12 months. In the UK alone, Q-Bot’s high performance retrofit insulation can help insulate the 8 to 12 million homes that have suspended floors and which are hard to treat using traditional forms of insulation.
Lord Callanan, the UK Energy Minister with responsibility for Energy Efficiency and Green Finance, recently visited Q-Bot’s new head office and retrofit research centre in London. During his visit, Lord Callanan praised Q-Bot’s cutting-edge work and the contribution that Q-Bot was making to improve the energy efficiency of homes across the UK and in reducing carbon emissions, a vital component in the journey towards Net Zero.
Dr Ilian Iliev, MD of EMV Capital and Investment Director of Q-Bot, commented:
“ We are pleased to see Q-Bot close out this important fundraising. The company continues to make strong progress in scaling sales with its innovative use of robotics and artificial intelligence in the Construction Technology industry, and in particular in the retrofit home insulation market. This investment demonstrates the benefits and impact of EMV Capital’s differentiated investment strategy, combining value creation services and fundraising support.”
Professor Peter Childs FREng, Chair and Co-Founder of Q-Bot said:
“This investment is a strong endorsement of our work and recognition of the market opportunity that exists in the UK and overseas. Our customers, from private individuals to energy suppliers and providers of social housing are assured by the comprehensive and professional approach that we take towards insulating homes whilst leveraging use of state-of-the-art robotics and AI.”
John Kennedy, Chief Executive of Q-Bot said:
“With this latest tranche of funding, the welcome endorsement that we have from our investors and the UK Government, the energy efficiency commitments in the UK and overseas, and the public sector funding available to do this, Q-Bot has a strong platform to become a major, mainstream player within the retrofit sector and insulation market.”
Professor Peter Childs, Q-Bot’s chair, added:
“Since joining Q-Bot, John has leveraged his extensive experience as CFO and CEO in growth businesses ranging from start-ups to publicly listed companies in technology and financial services. At Q-Bot, John has worked tirelessly to enable substantive growth of the company’s revenues, significant improvements in our operations and the onboarding of new partners for the company’s ‘robot as a service’ offering. Importantly, John has led on pivotal aspects of this funding round, and he will now lead the company to further expand its commercial activities and growth trajectory.”
John joins Q-Bot’s Board with immediate effect.
