Business
Q-Bot: £3.5 million investment to drive expansion
Q-Bot: £3.5 million investment to drive expansion.
About this update from Emv Capital Plc
[{"type":"text","content":"\n\nReach: For release at 07.00, 13 September 2023\n \n \n \n \nNetScientific plc\n(\"NetScientific\" or the \"Company\")\nQ-Bot secures £3.5 million of investment to drive UK, Europe, and USA expansion\nNetScientific Plc (AIM: NSCI), the deep tech and life sciences VC investment group, announces that portfolio company Q-Bot has successfully closed a £3.5 million investment program (\"Fundraising\").\nThe Fundraising was led by the Company's wholly owned venture capital and corporate finance firm, EMV Capital, syndicated from a cohort of private investors and family offices. The new funding will support Q-Bot's growth in its principal UK market and expansion into Europe and the USA.\nFollowing completion of the Fundraising, the total equity holding of NetScientific in Q-Bot is diluted to 15.3% (on a fully diluted basis), which equates to a post-investment fair value of £4.1 million, an increase of 9.2% from the £3.8 million reported as at 31 December 2022. In addition, following the introduction of investors to Q-Bot by EMV Capital, the NetScientific capital under advisory with Q-Bot is 30.7% of the fully diluted share capital. \nAlongside the fundraising, Q-Bot has also announced the appointment of John Kennedy as its new CEO following his joining Q-Bot in late 2022. John has extensive experience as CFO and CEO in growth businesses ranging from start-ups to publicly listed companies in technology and financial services.\nUsing AI and robotics, Q-Bot's insulation is deployed beneath suspended timber floors or to the underside of suspended concrete floors. A remotely operated robotic device applies a continuous layer of spray-foam insulation to the underside of the floor, resulting in a reduction in heat loss through the floor and a barrier to cold air draughts.\nQ-Bot's advanced insulation is installed in over 200 homes every month, with revenues increasing by 60% over the past 12 months. In the UK, the Directors understand that Q-Bot's high performance retrofit insulation has a target market of 8 to 12 million homes that have suspended floors and which are hard to treat using traditional forms of insulation. \nLord Callanan, the UK Energy Minister with responsibility for Energy Efficiency and Green Finance, recently visited Q-Bot's new head office and retrofit research centre in London. During his ...