An Internet of Things firm has secured a £2million financing package for its growth aspirations.
Manchester-based Wondrwall Limited, which has developed a state of the art intelligent home solution which automatically controls heating, lighting and security, secured the cash from NatWest.
The system, which is made up of hardware and built in software, is able to ‘learn’ living habits and respond accordingly – for example, turning lights on when householders awaken and adjusting heating when the house is occupied.
Daniel Burton, founder and CEO of Wondrwall, said: “Wondrwall began as an energy saving product, tasked with saving the billions being wasted from heating and lighting empty homes.
“During our development cycle the home technology market saw the arrival of a fragmented landscape of devices to control your boiler, lighting, security and more.
“Compounding the problem of requiring multiple devices to improve your home’s efficiency was the issue that they all seemed to lack intelligence, requiring significant user input to operate effectively.
“We knew Wondrwall could be so much more than just an energy saving system, so we extended functionality to include lifestyle personalisation, safety and security features.”
Earlier this month the Government pledged its ongoing support to Internet of Things technology as part of a £1 million investment in connected devices accelerator Startupbootcamp IoT.
Wondrwall moved its banking facilities to NatWest due to the bank’s specialist support for businesses in the tech sector.
NatWest technology sector relationship manager Matt Mawdesley supported the deal.
He said: “Wondrwall is a fantastic system that will no doubt change households around the world.
“Daniel and the team have developed a fantastic product that is both innovative and functional. We welcome our new relationship with Wondrwall and look forward to working with the team in the future as the business goes from strength to strength.”