Ambisense, an Irish environmental analytics business, has raised €3m in funding. The investment round was led by growth capital investor BGF.
Ambisense is an internet of things (IoT) and artificial intelligence (AI) analytics business focussed on monitoring environmental risks including risks from climate change and Covid-19. The company’s products are used to examine environments in places such as offices, schools, factories, hospitality venues and major infrastructure projects.
The company combines AI with autonomous sensor platforms that generate and analyse a continuous flow of data, enabling the prediction of environmental hazards before they occur, according to a statement from the business.
Its latest product, AmbiAir, monitors indoor air quality.
This is the third round of funding that the business has completed, having raised €1m and €1.1m in 2018 and 2019 respectively.
This latest funding round is supported by existing investors including Sure Valley, Atlantic Bridge and Enterprise Ireland.
BGF, which led the latest funding round, said its investment approach is focussed on taking “significant minority positions in growth companies to support founders and shareholders to grow their businesses.”
Leo Casey, head of BGF in Ireland, said: “We’re delighted to welcome Stephen and the team to the BGF portfolio of successful Irish businesses backed by BGF. This is our first co-investment in Ireland, and we could not be happier with our investment partners.”
Ambisense was founded in 2014 by CEO Stephen McNulty in Dublin City University (DCU). The company currently employs 18 people and has operations in Dublin, the UK and the Netherlands.
Commenting on the investment, Mr McNulty said: “This funding will enable us to double-down on our technology and product development strategy and scale our commercial offering to meet rising customer demand across both existing and new verticals.”
BGF was set up in Ireland in 2017 and has invested almost €50m in Irish businesses so far. It is supported by the Ireland Strategic Investment Fund (ISIF).
BGF usually invests between €1m - €10m in businesses, with further funding available in subsequent rounds. It takes minority positions in companies.
Source – The Irish Independent