NetScientific PLC (AIM:NSCI), the venture capital group specialising in deep tech and life sciences, has announced that its portfolio company, Q-Bot, has successfully closed a £3.5 million investment programme.
The fundraising was spearheaded by EMV Capital, NetScientific's venture capital firm, and included a syndicate of private investors and family offices.
The new capital will accelerate Q-Bot's growth in the UK and facilitate its expansion into Europe and the United States.
Netscientific chief executive, Dr Ilian Iliev, said: "We are pleased to see Q-Bot close out this important fundraising.
"The company continues to make strong progress in scaling sales with its innovative use of robotics and artificial intelligence in the construction technology industry, and in particular in the retrofit home insulation market.
"We look forward to seeing its continued success as it scales beyond the UK market, with a focus on market entry in the US and EU."
Following the investment, NetScientific's equity stake in Q-Bot dilutes to 15.3%, equating to a post-investment value of £4.1 million - a 9.2% increase from £3.8 million as of 31 December 2022.
Q-Bot, which utilises artificial intelligence and robotics for advanced home insulation, has also appointed John Kennedy as its new CEO.
The company's insulation technology is currently installed in over 200 UK homes monthly, with revenues surging by 60% in the past year. The technology targets a market of 8 to 12 million UK homes with suspended floors that are challenging to insulate using conventional methods.
Lord Callanan, the UK Energy Minister, recently lauded Q-Bot's contributions to enhancing the UK's energy efficiency and reducing carbon emissions.