Growth capital investor BGF has led a €3m investment round in Dublin based analytics business Ambisense.
Ambisense is an IoT (internet of things) and AI (artificial intelligence) analytics business focussed on monitoring environmental risks including risks from climate change and Covid 19.
The company's products are used to analyse environments in places such as offices, schools, factories, hospitality venues and major infrastructure projects.
Its technology has already been successfully used on some of the world's largest infrastructure projects.
Its newest product, AmbiAir, monitors indoor air quality and can be used to minimise Covid 19 risk and allow for the safe re-opening and operation of commercial offices, retail, education and healthcare facilities
Ambisense was founded by current CEO Stephen McNulty in Dublin City University in 2014 and it employs 18 people in Dublin, the UK and the Netherlands.
Today's funding round is the third completed by Ambisense after it raised €1m and €1.1m in 2018 and 2019.
This latest funding round is supported by existing investors including Sure Valley, Atlantic Bridge and Enterprise Ireland.
BGF's investment approach is focussed on taking significant minority positions in growth companies to support founders and shareholders to grow their businesses.
Mark Sykes, investor at BGF in Ireland, said; that Ambisense is a superb business which has an excellent reputation and a top-class client list.
"Their technology has many important applications, which have come to the fore through the pandemic, with AmbiAir having the potential to significantly improve safety across a wide range of indoor settings from schools to retail stores and workplaces," he added.
Leo Casey, Head of BGF in Ireland, said the company was pleased to be joining existing investors Sure Valley Ventures, Atlantic Bridge and Enterprise Ireland in backing Ambisense.
"This is our first co-investment in Ireland, and we could not be happier with our investment partners," he added.
Ambisense CEO Stephen McNulty said this latest funding will enable the company to double-down on its technology and product development strategy and scale it commercial offering to meet rising customer demand across both existing and new verticals.
"Both Covid-19 and the existential risks of climate change are catalyst for rapid transformation of the $27 billion environmental monitoring markets," Mr McNulty said.
"Today, Ambisense customers are using our solutions to reduce environmental risks on major infrastructure and construction projects, to prove that workplaces, colleges, schools and healthcare settings are safe places to return to and to automate a huge variety of labour intensive, otherwise expensive monitoring and reporting compliance tasks," he added.
