Adaptavate Secures £4 Million in Funding
Adaptavate, a company focused on reducing carbon emissions in the construction industry, has secured a £4 million funding package. This funding is aimed at supporting their commercial launch into the market. The company, based in Bristol, United Kingdom, specializes in developing carbon-storing technologies that can be integrated into existing construction materials.
Investors and Funding Round
The funding round, whose specific type was not disclosed, includes contributions from the European Innovation Council (EIC), Innovate UK's Investor Partnerships Programme, and the Low Carbon Innovation Fund 3. These funds will help Adaptavate transition from technology development to commercial deployment.
Strategic Use of Funds
Adaptavate plans to use the funds to accelerate their commercial licensing strategy and forge international manufacturing partnerships. The company is working on scalable solutions that can be deployed using existing manufacturing infrastructure and supply chains. This approach aims to make carbon-storing wallboard production commercially viable for existing manufacturers.
CEO's Perspective
Tom Robinson, the founder and CEO of Adaptavate, expressed that the funding represents more than just a financial milestone. "This reflects growing confidence in both our technology and our commercial strategy from investors, innovation bodies, and industry partners," he said. Robinson highlighted the company's journey from technology development to collaborating with manufacturers for broader deployment.
Commercial Momentum
The investment follows a period of significant commercial momentum for Adaptavate. The company has engaged in pilot deployments with organizations such as Legal & General and Oxygen Asset Management. Additionally, their presence in Asian markets has increased following a launch at The GEAR in Singapore. Recently, Adaptavate secured a license option agreement with an international production partner, further solidifying their commercial efforts.
Overall, the £4 million funding package marks an important step for Adaptavate as it seeks to implement its carbon-reducing technologies on a larger scale, contributing to a more sustainable construction industry.