TIDMNSCI
NetScientific PLC
13 September 2023
Reach: For release at 07.00, 13 September 2023
NetScientific plc
("NetScientific" or the "Company")
Q-Bot secures GBP3.5 million of investment to drive UK, Europe,
and USA expansion
NetScientific Plc (AIM: NSCI), the deep tech and life sciences
VC investment group, announces that portfolio company Q-Bot has
successfully closed a GBP3.5 million investment program
("Fundraising").
The Fundraising was led by the Company's wholly owned venture
capital and corporate finance firm, EMV Capital, syndicated from a
cohort of private investors and family offices. The new funding
will support Q-Bot's growth in its principal UK market and
expansion into Europe and the USA.
Following completion of the Fundraising, the total equity
holding of NetScientific in Q-Bot is diluted to 15.3% (on a fully
diluted basis), which equates to a post-investment fair value of
GBP4.1 million, an increase of 9.2% from the GBP3.8 million
reported as at 31 December 2022. In addition, following the
introduction of investors to Q-Bot by EMV Capital, the
NetScientific capital under advisory with Q-Bot is 30.7% of the
fully diluted share capital.
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, the Directors understand that Q-Bot's high performance
retrofit insulation has a target market of 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.
John Kennedy, CEO 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."
Dr Ilian Iliev, CEO of NetScientific 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. We look forward
to seeing its continued success as it scales beyond the UK market,
with a focus on market entry in the US and EU. "
-ends-
NetScientific
Ilian Iliev, CEO Via Belvedere Communications
WH Ireland (NOMAD, Financial Adviser and Broker)
Chris Fielding / Darshan Patel +44 (0)20 7220 1666
Belvedere Communications
John West / Llew Angus +44 (0) 203 008 6867
Email: nsci@belvederepr.com
About NetScientific
NetScientific plc (AIM: NSCI) is a deep tech and life sciences
VC investment group with an international portfolio of innovative
companies.
NetScientific identifies, invests in, and builds high growth
companies in the UK and internationally. The company adds value
through the proactive management of its portfolio, progressing to
key value inflection points, and delivering investment returns
through partial or full liquidity events.
NetScientific differentiates itself by employing a capital-light
investment approach, making judicial use of its balance sheet and
syndicating investments through its wholly owned VC subsidiary, EMV
Capital. The group secures a mixture of direct equity stakes and
carried interest stakes in its portfolio of companies, creating a
lean structure that can support a large portfolio.
NetScientific is headquartered in London, United Kingdom, and is
admitted to trading on AIM, a market operated by the London Stock
Exchange.
www.netscientific.net
About Q-Bot
Q-Bot, founded in 2012 by Tom Lipinski and Professor Peter
Childs FREng, is a provider to the UK Government's Green Homes
Local Authority Delivery Scheme, the Social Housing Decarbonisation
Fund, Great British Insulation Scheme and Home Upgrade Grant.
Q-Bot's floor insulation is installed in over 200 homes every
month and to date the company has installed over 4,000 properties
across the UK and Europe. The company works with over 50 registered
social housing providers, energy companies such as E.ON and British
Gas, as well as a network of accredited installers and property
agents.
An average-sized UK household, insulated by Q-Bot, could
typically save c.GBP850 per year in an electrically-heated home,
and c.GBP270 a year in a gas-heated home. Studies show that the
Q-Bot system reduces heat loss through the floor by 77% and cold
draughts by 1/3 for the whole house. With retrofitting existing
buildings seen as essential for the UK to reach Net Zero, a
household using Q-Bot's solution can cut its annual CO emissions by
an average 700 kg.
Q-Bot's work has received grant support from the UK Government
and Innovate UK, and it has won numerous awards, including the
CIBSE Building Performance Award and the Queen's Award for
Enterprise (Innovation).
www.q-bot.co
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