The energy supplier's corporate venturing subsidiary has put an undisclosed sum into Oxford's smart water boiler spinout Mixergy.
Mixergy, a UK-based smart water boiler technology spinout of University of Oxford, obtained an undisclosed amount of funding yesterday from Centrica Innovations, the corporate venturing arm of energy supplier Centrica.
Spun out in 2015 from Oxford’s Energy and Power Group, Mixergy is working on an intelligent water boiler that relies on a combination of internet-of-things technology, analytics and sensors to help match hot water levels to the usage habits of a given household.
The technology allows the user to examine data on their heating patterns to set the boiler’s parameters for a given day. Through its internet connection, the system can receive user commands from a smartphone or computer.
Mixergy’s tank incrementally boils water from its apex, rather than heating the entire volume from the bottom, enabling water to be dispensed at a usable temperature faster than conventional boiler systems. It also utilises an inlet diffuser to separate hot and cold water, maintaining heat in the system for longer.
The investment will support Mixergy’s business growth while advancing Centrica’s expansion into the market for smart home technologies.
Mixergy previously secured undisclosed sums from university venture fund Oxford Science Innovation and commercialisation firm IP Group at unspecified dates.
The company also previously obtained an undisclosed amount of angel funding, however further details could not be ascertained. IP Group owned a 28.2% stake in Mixergy as of June 2018.
Pete Armstrong, CEO of Mixergy, said: “This investment from Centrica comes after extensive testing of the Mixergy tank in their laboratory and represents a fantastic endorsement of both our technology and vision of an internet of tanks fleet.
“Centrica own British Gas who have access to millions of homes throughout the UK and have a highly skilled installer network. We believe we now have the best possible opportunity to build a scalable virtual battery through the deployment of intelligent hot water tanks.”
– Feature image courtesy of Mixergy. This article was updated on February 21 to add a quote by Pete Armstrong.
