We are a clean tech company whose first product, Radbot, reduces energy consumption & saves people money.
- Kingston-upon-Thames, United Kingdom
Categories: Energy Mixed Digital/Non-Digital Mixed B2B/B2C
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- Company number
- Incorporation date
- 3 Feb 2014
- Investment sought:
- Equity offered:
Most people know that cars and factories contribute to the climate crisis. But did you know that heating is the biggest cause of UK emissions? In fact, the energy we use just to heat our homes has a similar footprint to all the cars in the UK.
There are huge inefficiencies in the way we heat homes and buildings – our estimate is that around half is completely wasted. Just think, homes with 1 thermostat heat the entire house when you may just be using 1 room! This is bad for the environment and bad for your budget.
Radbot is a smart heating control that can save up to 30% off your heating bills by heating each room when you need it and lowering the temperature when you don’t. We calculate that's an estimated £180 & .73 tonnes of carbon saved a year for households with medium to high gas usage.
Radbot is low cost, easy to install, and simple to use – so it’s scalable across over a billion radiators in the UK & Europe. Watch how it works:
Above rewards are subject to delivery to a European address and other company terms and conditions. Please note that reward cannot be combined with other product discounts or promotions. All discount codes will be emailed by the company to investors following the close of the investment round.
Vestemi is a technology company with an environmental & social purpose. Our vision is to create simple, effective products that reduce energy consumption & save money. In partnership with EDF Energy, Radbot is our first product to market. It’s part of a planned portfolio of energy saving solutions designed to make an impact on climate change.
Inspired by the amount of heat wasted & limitations of existing controls like TRVs, our founder (who has a track record of successful startups), created an affordable product that could be adopted at scale.
Our calculations suggest that over 100 million TRVs are sold in the UK & Europe per year. Radbot is an intelligent alternative that improves energy efficiency. Plus, it doesn’t require a smart home platform, but works well alongside it.
In our view, cost and complexity are barriers to adoption. So affordable pricing and simplicity are core to Radbot’s design - features we believe will enable us to break into the mass market.
Substantial accomplishments to date
We are so proud of the Vestemi team for applying their experience across the energy, smart home, government, and environmental sectors to achieve key milestones:
*Selected Energy Suppliers are obligated to spend £640 million/yr installing energy efficiency measures in UK homes. A successful triall allows Radbot to access this market.
Today Vestemi generates revenue through the sale of Radbot. The size of this market (TRVs) is $9.3 billion globally. Our focus is on the addressable base of over 1 billion radiators in the UK & Europe.
Since Radbot can complement a smart thermostat, we can also benefit from the 50% per annum growth in the European smart thermostat market.
We will exploit this opportunity by leveraging partnerships across 4 routes to market:
We also have new products on the roadmap, which could generate future revenue:
· A complimentary product, which has the potential for even greater energy savings
· Monetisation of the data collected by Radbot, which has several possible applications particularly in facilities management.
Use of proceeds
To date, Vestemi has focused its resources on developing Radbot and testing the market to optimise our commercial strategy.
As part of our relationship with EDF Energy, 100 households tested Radbot for several months giving us feedback throughout. With this learning and validation of Radbot’s savings claim, we now intend to move into a growth phase.
Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company and listed above. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.
The company has the following outstanding loans:
A loan from ExNet Limited, whose sole director is Damon Hart-Davis (Director, Founder and CTO) created in January 2018. The current balance sheet value of the loan is £19,503.95. The loan attracts an interest rate of 3% over GBP 3 month LIBOR per annum. The loan is to be repaid on 15 March 2021.
The funds raised from this investment round will not be used to repay these loans.