xWatts, an intelligent energy management platform, has raised £1.6 million in a seed round led by Cambridge Enterprise Ventures, with participation from Cambridge Angels, Parkwalk and R42. It connects directly to energy systems to model facilities in real time and automatically optimises assets from generation to demand, including HVAC, solar and CHP engines. The funding will be used to accelerate product development and support growth in core European markets, focussing on healthcare, higher education and industrial sectors.
The platform addresses the energy consumption of non-domestic buildings across Europe, a market worth £550 billion per year. By focusing on complex estates with energy intensive systems, it targets a core market of £53 billion where typical savings of 20% can be achieved. The platform has been deployed across NHS Hospitals, Community Diagnostic Centres and college facilities at the University of Cambridge, where energy consumption is reduced by over 25%, and manufacturing sites where operations have been optimised to reduce carbon while reducing energy cost by over £2 million a year.
Founded in 2022 by Yigit Akar and Alex Allen during an Antler founder residency, the pair met at the University of Cambridge. Akar is an electronics engineer who previously commissioned large-scale wind and solar plants across Europe and Turkey, while Allen has a background in computer science and control systems engineering, having worked on corporate infrastructure and building energy simulations. xWatts has tripled its revenues annually over the last two years.
