The winner of the Wales Technology Awards 2024, Optimise-AI has secured a significant six-figure investment led with equity of £300,000 from the Development Bank of Wales alongside £320,000 from seven angel investors and £120,000 from co-investors Carbon13.
Established in 2023 by Prof Yacine Rezgui as lead inventor and Chief Executive Nick Tune, former Global Technical Engineering Director at ATKINSRealis and Commissioner for the National Infrastructure in Wales, Optimise-AI is a spin-out of Cardiff University that has developed AI software to optimise energy and carbon management of non-domestic buildings. Optimise-AI was selected by Carbon13 to take part in its prestigious venture building programme for start-ups that are changing the trajectory of climate change.
The US patented technology provides building owners and managers with easy-to-understand actionable insights into their operational energy and carbon emissions, that they would not typically have access to, even if all they have is an energy meter within the building. It does this by integrating digital twin technology, energy modelling, instrumentation/ Building Management Systems (BMS) and AI to provide advanced building energy management. The virtual systems are ported on a secure cloud and operate on a software-as-a-service (SaaS) basis.
Recent projects include the implementation of cutting-edge intelligent performance management systems for The Maltings in Cardiff, and with the support of the Connect Places Catapult; Luton Airport plus several railway stations including Bristol Temple Meads. Optimise-AI has also recently set up a partnership with University of Wales, Trinity St David to minimise their buildings energy and carbon emissions.
Nick Tune, Chief Executive of Optimise AI said:
“Energy costs have risen over 350% since 2021 and carbon emissions from buildings need to reduce by 50% by 2030 but almost 90% of non-domestic buildings don’t have a building management system. This lack of data is hindering the ability to reduce energy costs and carbon emissions.
“That’s why we are on a mission to revolutionise building energy management. We believe that our cutting-edge technology could save over 10Mt of carbon emissions as it facilitates predictive and proactive energy management, drives operational efficiency, reduces energy consumption, and advances sustainability goals in the millions of data poor buildings that aren’t currently being actively managed. The equity investment by the Development Bank and the support of Carbon13 and our business angels means that we can now transfer the IP from Cardiff University and drive the commercialisation of Optimise-AI as a solution for addressing the climate emergency. Together, we’re helping to create a more globally responsible Wales.”
Hannah Mallen is an Assistant Investment Executive with the Development Bank. She said:
“Optimise-AI is pushing the boundaries of digital technology in the pursuit of delivering a zero-carbon built environment.
“We support innovative technology companies that have good values and commercial promise like Optimise-AI with equity to finance development costs and product launch. Working with Carbon13 as co-investors, we will help the team to build a scalable climate-tech venture that will reduce carbon emissions and aid the decarbonisation of our built environment.”
Paul Devlin, Head of Research Commercialisation and Impact at Cardiff University, said:
“We are delighted to see Optimise-AI complete seed investment and already making an impact for its customers. Optimise-AI’s research across Net Zero and Digital Transformation demonstrates the advantages of cross disciplinary research in solving the world’s most important problems. With cumulative investment of over £13m across Cardiff University spin-outs this financial year, Nick and Yacine can inspire more academics and entrepreneurs to work together towards impactful ventures.”
Michael Langguth, Founding Partner Carbon13, said:
“Optimise-AI is a game-changer in building energy management. Their patented software harnesses the power of AI technology to create more efficient, sustainable, and cost-effective solutions. The co-investment from the Development Bank further underscores the confidence in Optimise-AI's potential.
“Investing in Optimise-AI aligns with our commitment to driving technological advancements that address critical environmental challenges. We are excited to support their mission and have no doubt they will make a significant impact in transforming the energy landscape of buildings worldwide.”
Optimise-AI was introduced to the Development Bank of Wales by Matt Brooks. The equity investment came from the £20 million Wales Technology Seed Fund II that is financed by the Welsh Government. Equity investments between £100,000 and £350,000 are available for Welsh tech businesses and those willing to relocate to Wales.
