Business
Q-Bot secures £1.6m of investment to fund growth
Q-Bot secures £1.6m of investment to fund growth.
About this update from Emv Capital Plc
[{"type":"text","content":"\n \n \n RNS REACH\n \n \n \n NetScientific plc\n \n \n \n \n \n \n (\"NetScientific\", the \"Group\" or the \"Company\")\n \n \n \n \n \n \n Q-Bot Limited (\"Q-Bot\") secures £1.6m of investment to fund growth\n \n \n \n \n \n \n NetScientific plc (AIM: NSCI), the international life sciences and sustainability technology investment and commercialisation Group\n announces that portfolio company Q-Bot has successfully closed a £1.62m investment round to fund the next stage of its growth. The additional funds will allow Q-Bot to accelerate the rollout of its unique patented solution of using robots to apply underfloor home insulation across the UK, and meet growing overseas demand for Q-Bot's solution.\n \n \n \n \n \n Q-Bot is a London-based award-winning robotics and AI company that has pioneered cutting edge technology and digital solutions for the inspection, maintenance, insulation and upgrade of buildings and homes. In the year ended 31 March 2022, Q-Bot generated sales of £2.2m, and expects significant growth in sales as market deployment accelerates.\n \n \n \n \n \n \n \n With this funding, Q-Bot will continue its strong growth to meet the rapidly increasing market demand for its offering to UK social and private landlords in the context of rising energy bills and move to decarbonisation of UK housing. Q-Bot's growth is through an expansion of its network of Accredited Installation Partners, industrialising robot manufacturing at scale, growing sales into the UK and international markets.\n \n \n \n \n \n This transaction follows a £2.8m deal in December 2021, which included the setup of a Convertible Loan Facility, and the purchase of equity interests from early Q-Bot investors and a departing founder of Q-Bot. During the period there were also several changes to the Q-Bot Board and management team, and a Board led strategy review process. Since then the Q-Bot team has worked hard to reposition the business to capture the opportunities and made progress in all areas during the first half of 2022.\n \n \n \n \n \n This round, which comprised conversion of £762,000 of loan notes (of which £500,000 was provided by NetScientific as announced on 21 December 2021) and £900,000 of new equity, results in the direct equity holding in Q-Bot by NetScientific increasing from 18.3% to 20.6%, ...