NetScientific PLC has announced that its portfolio company, Q-Bot, has secured £3.5 million in investment to drive its expansion in the UK, Europe, and the USA. The funding round was led by NetScientific's venture capital and corporate finance firm, EMV Capital, and included private investors and family offices. The new funding will support Q-Bot's growth in its primary UK market and its expansion into Europe and the USA. Following the completion of the fundraising, NetScientific's equity holding in Q-Bot is diluted to 15.3%, with a post-investment fair value of £4.1 million.
Q-Bot is a company that uses AI and robotics to provide advanced insulation solutions for homes. Its insulation is applied beneath suspended timber or concrete floors using a remotely operated robotic device. This results in a reduction in heat loss and cold air draughts. Q-Bot's insulation is installed in over 200 homes every month, and its revenues have increased by 60% over the past year. The company's target market in the UK is estimated to be 8 to 12 million homes with suspended floors that are difficult to treat using traditional forms of insulation.
Q-Bot has also announced the appointment of John Kennedy as its new CEO. Kennedy has extensive experience as CFO and CEO in growth businesses in the technology and financial services sectors. Lord Callanan, the UK Energy Minister responsible for Energy Efficiency and Green Finance, recently visited Q-Bot's new head office and retrofit research centre in London and praised the company's work in improving the energy efficiency of homes and reducing carbon emissions.
Dr. Ilian Iliev, CEO of NetScientific and Investment Director of Q-Bot, commented on the fundraising, stating, "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."