Funding round success for spin-out
Summary
A University of Bristol spin-out company developing passive cooling technologies to reduce energy usage in agriculture and the buildings sector has completed a \xa3370,000 seed funding round.Albotherm is led by two female founders, chief executive Molly Allington and chief technology officer Sian Fussell (CTO). The pair met when they were both researchers at the University of Bristol and discovered a shared passion for using science as a force for good.The funding will support the development of Albotherms Variable Shading System, a temperature responsive glass coating to reflect sunlight and reduce the energy required to cool agricultural, domestic, and commercial buildings, which is expected to account for 13 per cent of global energy by 2050.Albotherms coatings transition reversibly from clear to white at tunable temperatures to prevent excess solar gains in hot weather. Sustainable Ventures provides early stage investment opportunities and support to sustainability focused start-ups with high growth potential.Albotherm is also part of the Spin Up Science Ventures (SUSV) acceleration program which helps academic founding teams to launch business based on scientific discoveries.This investment follows the award of a \xa3210,000 grant from Innovate UK in 2020.Sian Fussell said: "When I started my PhD as part of the Bristol Centre for Functional Nanomaterials, I became aware of the work being done on this fascinating new technology. "Molly Allington added: "We are particularly excited to be working with Sustainable Ventures, Spin Up Science, and our experienced angel investors whose vision for a more environmentally conscious future closely aligns with our own. "Dr Ben Miles, chief executive of Spin Up Science, added: "Weve been excited to work with Albotherm from the beginning to help realise their startup journey and support them through this funding round.