An estimated 15% of UK water meters go unread for more than one year – Deer Technology has the answer.
Deer Technology has secured equity investment totalling £1.32 million and announced a £2.5 million contract win with Wave, a leading retailer in the non-household water market.
The Development Bank of Wales led the round with £250,000 of equity taking its total investment in the company to £500,000 in the last two years. Wealth Club, the UK’s largest high net worth investor platform, raised an additional £820,000 to complete the round alongside Deer Technology’s existing angel investors.
Deer Technology was established in 2014 by co-founders Hugh Mort and Garry Jackson who co-invented the LimpetReader™ to take accurate meter readings. The technology provides a new standard in the remote, non-invasive and accurate recording of meter readings for water, electricity, gas and other metered consumption. It can be retrofitted to any traditional analogue meter and uses micro-cameras in sealed housings to capture time-stamped images of the meter display, before sending them via secure data connection to an online portal. This removes the need for costly and unreliable manual reads.
The LimpetReader™ is trademarked in the UK and EU, patented in the UK, and patent-pending in Europe, the US and other jurisdictions. With ten staff, DeerTech uses UK-based companies to manufacture and assemble the products. The £1.32 million investment will be used to fund rapid commercial growth and the installation of 8,500 readers over the next two years for national water retailer Wave. Deer Technology continues to enhance its core technology and products and a next generation slimline LimpetReader™ is scheduled for launch in late 2021.
Chief Executive of Deer Technology, Craig Mellor, explained, “Utility businesses are facing increased governmental and regulatory pressure to provide accurate meter readings and improve their environmental credentials. We’ve spent time developing and patenting our innovative technology that now provides real-time accurate meter reads to meet regulatory requirements, remotely and at half the cost.
Col Batten, who led the investment on behalf of the Development Bank of Wales, said: “Regular meter reads are critical to the UK achieving net-zero greenhouse gas emissions by 2050 – otherwise wastage can go undetected and unsolved. As an example, an estimated 15% of UK water meters go unread for more than one year.”
For further information, call 01639 363146 or visit www.deertechnology.com.