Utopi receives a £5million investment from the Scottish National Investment Bank to scale up and target new global markets.
The Scottish National Investment Bank has expanded its portfolio, investing £5million into the real-estate data analytics platform, Utopi.
Among other initiatives, the Glasgow-based company intends to apply the investment in the creation of 50 new jobs, specialising in energy consumption monitoring technology accordingly.
By providing real-time and actionable environmental, social and governance (ESG) data in multi-tenant buildings, Utopi is evidently one of the pioneers supporting the Scottish technology ecosystem’s transition to net zero.
Figures indicate that the company’s ESG technology is on track to reduce over 6,500 tonnes of carbon from multi-resident buildings over three years, improving ESG performance by 20 per cent, and increasing asset value by up to five per cent.
“This investment will support our ambitious plan to become the number one ESG technology platform in our target markets,” explains Utopi CEO, Jonathan Burridge.
“Data-driven transformation is essential to reducing global carbon emissions, and with the support of the bank, we can reach audiences around the world sooner,” Burridge affirms.
Use case: Moda Living
In relation to its current activity, Utopi is currently working with developer operator Moda Living in Edinburgh at its 476-home neighbourhood Moda, The McEwan.
This partnership is seeing the company’s technology being applied to monitor the energy consumption of individual properties located in the residential building.
For monitoring carbon emission levels, building managers have access to real-time data through GRESB and other ESG benchmarking tools, in addition to allowing residents to track day-to-day energy usage through an app.
Amanda Rennie, operations director at Moda Living, explains how operating rental neighbourhoods sustainably and empowering residents to live a green lifestyle are “huge priorities for Moda Living.”
“Utopi’s technology allows us to interact with the efficiency of our buildings in a way that’s completely unique to the residential sector – at Moda, The McEwan and at our rental neighbourhoods across the UK,” she explains.
“We look forward to working together with Utopi and seeing the technology in action having secured this well-deserved investment from the Scottish National Investment Bank.”
Achieving a net-zero Scotland
Nicola Douglas, executive director of innovation at the Scottish National Investment Bank, confirms how, above all, the bank remains “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,” she comments.
“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,” Douglas concludes.