Liverpool-based GreenTech Heatio has raised £560,000 in a Seed funding round.

Heatio collect data from smart meters, machine learning, AI and discreet sensors to deduce energy bills by up to 40 per cent and allow people to rent heat pumps as a cheaper alternative to buying them.

The startup was founded in April 2022 and originally tried to raise £500,000 but capped it at £560,000 after it was oversubscribed, with a total of 30 new angel investors supporting the round.

Heatio is leading the charge to net zero and is delivering the next generation of eco-smart technology with the development of its innovative Home Energy Management System (HEMS).

Heatio presented its HEMS development roadmap to investors with support from its investment partners North Invest, the LCR Angel Network and UK Business Angels Association (UKBAA).

Thomas Farquar, Heatio’s commercial director, said: “We’re delighted to have gained an array of individual and institutional investors who share our vision to drive forward technology-led change in the energy sector and we now have the resources to help us turn it into reality.

“We could not have achieved this without the support of our partners North Invest and the LCR Angel Network, who have been instrumental in providing vital connections to funding and expert investors.

Saving the planet through green technology

“We now look forward to building our shareholder relationships and developing our Home Energy Management System ready for deployment into the first UK homes. This will help consumers to access green technology and reduce the use of fossil fuels to decarbonise their homes.”

Jordan Dargue, managing director of NorthInvest, said: “NorthInvest are proud to have supported another tech for good business in their growth plans. Heatio’s technology will help consumers to save energy and cement the North as a hub for net positive innovation.”

Katie Nicholson, director of LCR Angel Network, added: “I am delighted that Heatio has successfully closed its Seed funding round with the support of members of the LCR Angel Network. This is further testament that the LCR Angel Network plays an important part in the ecosystem, enabling ambitious businesses to access the vital early-stage capital to support their growth plans.

“Heatio has a pioneering approach to renewable energy use in the home and with their very timely focus on net zero – I am excited to follow their progress, I wish the team all the best in the next stage of their growth journey.”

Roderick Beer, managing director of UKBAA, said: “I am delighted to see angels backing a British CleanTech business with not just valuable funding but advice and mentorship too.”

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Heatio anticipate a Series A round in late 2024.