FSP advise EM3 on Utonomy investment
Utonomy latest business to receive funding from Enterprise M3 (EM3) Growth Fund.
FSP corporate partner, Penelope Garden, has advised the Enterprise M3 (EM3) Growth Fund on its investment into Utonomy Limited, a company producing tools to monitor and manage gas pressure within gas distribution networks (“GDNs”). Utonomy has been working with two of the UK’s four GDNS to develop its Active Grid Management solution. A fit for purpose “Smart-Grid” solution which comprises relevant hardware installed throughout the gas network, with a cloud-based software platform using self-learning algorithms to continually optimise the network remotely.
Penelope advised on the £150,000 EM3 Growth Fund investment which formed part of a larger funding round that will see the company establish its international sales and marketing base in Basingstoke. The funding will help the business to further commercialise its offering and gain traction throughout Europe and in North America.
Ralph Singleton, Fund Manager at The FSE Group, which manages the EM3 Growth Fund on behalf of the Enterprise M3 Local Enterprise Partnership (LEP), comments: “Utonomy is responding to a clear market demand for a solution to real problems facing the gas distribution industry globally. We are pleased to be supporting them on this exciting journey to achieve their full potential.”
The Enterprise M3 Growth Fund is part of the Enterprise M3 Funding Escalator, a £5.5million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which also includes an expansion loan scheme, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.