Corporate lawyers at SAS Daniels have advised North Wales-based energy reduction business SenseLogix on securing a £1 million investment package to accelerate its growth plans.
The investment was led by international venture capital firm Beringea and private equity company Northstar Ventures, with additional support from the Welsh Assembly Government towards the creation of new jobs.
Conwy-based SenseLogix, which also has offices in the North East of England, plans to create up to 20 new jobs during the next 12 months.
The business, which is supported by the Carbon Trust, provides energy reduction technology for the commercial and education sector. The technology – EnergyLogix – is retro-fitted into a building to eliminate electrical waste from items such as IT and appliances.
Jeremy Orrell, head of Corporate at SAS Daniels, said: “We were delighted to assist SenseLogix in securing this investment which will enable them to develop their business. It is encouraging to see that, even in the current economic climate, there are investors who are willing to support innovative companies.”
The investment will also see the appointment of Stuart Veale, Managing Partner of Beringea, as a non-executive board member.
Jonathan Like, Chief Executive Officer at SenseLogix, said: “What is extremely encouraging is that the investment has been completed in difficult economic market conditions, which is a testament to our technology and business model. We have seen strong early stage market traction from both end users and service partners, and we are confident our technology will provide good energy savings to end users and assist our service partners in providing enhanced, low carbon energy services to their clients”.
Watson Burton acted for the investors.