Your business in brief?
Being in Edinburgh has helped us attract good quality software engineers. It’s a great place to live and work, with good public transport and cycle routes.Graeme Robertson, vice president of sales, NetThings
We were previously Ewgeco (standing for ‘Electric-Water-Gas-Eco’) and were originally set up by an entrepreneur back in 2006 in response to high utility bills. So we started out way before the advent of smart meters.
In 2011, we received an investment from Edinburgh-based angel investor network Archangels to release a new version of the first generation product and also to develop other applications. These kind of building management systems are common in big buildings like hospitals, universities and airports. But for the most part they’re never found in buildings run by small and medium enterprises, like bars, restaurants, catering outlets and small shops.
So the key aim is to capture this major global opportunity.
Tell us about your product and why it’s important?
This month we’re launching the world’s first web-enabled building energy management system, called nanoBEMS®.
It will allow companies to monitor and control all their utilities from a single application, reducing their energy consumption by 20% and delivering a better working environment for people that is healthier and more comfortable. It will increase our customers’ profits and give them a return on investment in 18 months.
It’s a technology platform developed here, in Edinburgh that has the potential to expand globally to hundreds of millions of properties. Because it’s such an innovative application, we’re expecting to grow from £3m turnover this year to £7m in 2018, and we would look to double that again in 2019.
How has being in Edinburgh helped you?
Being in Edinburgh has helped us attract good quality software engineers. It’s a great place to live and work, with good public transport and cycle routes. All 13 of our software developers use public transport or walk or cycle to work – and feel proud of that. We’re at Chesser, so we’re near the cycle path and Water of Leith.
What’s the vision for your business?
The vision is to be global leaders in terms of innovative Internet of Things based solutions for residential and SME property.
The aim is that these solutions are going to improve the health and security of companies, improve the profits of the business and reduce their carbon consumption.
Whilst NetThings is initially focused on energy management, there are huge oopportunities to apply our technology in other markets, like security, assisted living, smart homes, and smart cities – among others.
If you would like to find out more about how we can help you and your business establish, relocate or expand within the city region, or would simply like more information about what Edinburgh has to offer, get in touch today.