i20 Water Raises Capital to Boost Software Offering
Published on by Water Network Research, Official research team of The Water Network in Business
i2O Water, the UK- Based Water Network Pressure Management Specialist, Has Attracted £8 Million in Fresh Equity Funding from New and Existing Investors
i2O Water, the UK-based water network pressure management specialist, has attracted £8 million in fresh equity funding from new and existing investors, taking its total capital raising activities to £31 million since the company was founded in 2005.
The fundraising forms part of a wider reorganisation, which has seen a reshuffling of the company's share capital to replace preference shares with ordinary shares, whilst trimming the board from nine members to five. Recent board departures include non-executive director and company co-founder Andy Phillipps, although he remains a shareholder.
CEO Adam Kingdon told GWI that the bulk of the proceeds from the latest funding round would go towards research and development activities in order to enhance the company's software offering for smart water applications. Although revenues from i2O Water's software-as-a-service offering currently account for around 25% of turnover, Kingdon foresees this division overtaking equipment sales within three to four years.
Source: Global WaterIntelligence
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