The investment supports a decrease in carbon emissions across a highly emitting sector and has a potential global reach.
It is a new technology developed in Scotland and supports Scotland’s just transition to Net Zero by potentially decreasing energy consumption in the multi-tenant asset sector, focusing on changing tenant behaviours.
Utopi is a Scottish digital technology business developing a specialist ESG monitoring platform for multi-tenant real estate, raising to enable the business to fund expansion and meet the demands for their product.
The Bank is investing £5m of equity to enable the company to scale-up and expand its skilled team in Scotland whilst serving a global client base, anchoring the Company in Scotland.
Utopi CEO, Jonathan Burridge, said:
“This investment will support our ambitious plan to become the number one ESG Technology platform in our target markets. Data driven transformation is essential to reducing Global carbon emissions and with the support of The Bank, we can reach global audiences sooner. The Bank really understands the opportunity we have to make an impact, and we are delighted to have them onboard for the next exciting stage of our journey.”
Figures indicate that the new technology is on track to reduce over 6,500 tonnes of carbon from multi-resident buildings over three years.
The Scottish technology company is currently working in partnership with Moda Living in Edinburgh at its 476-home neighbourhood Moda, The McEwan, to monitor the energy consumption of individual properties located in the residential building. Residents and building managers have access to real-time data to indicate carbon emission levels.
Nicola Douglas, Executive Director of Innovation at the Scottish National Investment Bank said:
“We are fully committed to achieving Scotland’s net zero targets.
“This investment has the potential to make a significant impact on carbon emissions in the real estate sector, futureproofing sustainable communities around Scotland.
“Our investment into Utopi will support several new data-lead jobs in the company, helping to build Scotland’s technology ecosystem.
“Utopi’s technology has a strong alignment with both our Net Zero and Innovation missions and we look forward to working with them to deliver their ambitious growth plans.”