Data analytics platform Utopi has secured £5 million from the Scottish National Investment Bank to develop technology used to monitor energy consumption in buildings.

The Glasgow-based company will create 50 jobs and CEO, Jonathan Burridge, said it is aiming to become the number one ESG technology platform in its target markets.

“Data driven transformation is essential to reducing global carbon emissions, and with the support of the Bank, we can reach audiences around the world sooner,” he said.

“The Bank really understands the opportunity we have to make an impact, and we are thrilled to have them on board for the next exciting stage of our journey.”

Figures indicate that the new technology is on track to reduce over 6,500 tonnes of carbon from multi-resident buildings over three years.

The Scottish technology company is currently working in partnership with Moda Living in Edinburgh at its 476-home neighbourhood Moda, The McEwan, to monitor the energy consumption of individual properties located in the residential building. Residents and building managers have access to real-time data to indicate carbon emission levels.

Nicola Douglas, executive director of innovation at the Scottish National Investment Bank said: “We are fully committed to achieving Scotland’s net zero targets.

“This investment has the potential to make a significant impact on carbon emissions in the real estate sector, futureproofing sustainable communities around Scotland. 

“Our investment into Utopi will support several new data-lead jobs in the company, helping to build Scotland’s technology ecosystem.

“Utopi’s technology has a strong alignment with both our Net Zero and Innovation missions and we look forward to working with them to deliver their ambitious growth plans.”

Amanda Rennie, operations director at Moda Living, said: “Operating our rental neighbourhoods sustainably, and empowering our residents to live a green lifestyle are huge priorities for Moda Living.

“Utopi’s technology allows us to interact with the efficiency of our buildings in a way that’s completely unique to the residential sector – at Moda, The McEwan and at our rental neighbourhoods across the UK.

“We look forward to working together with Utopi and seeing the technology in action having secured this well-deserved investment from the Scottish National Investment Bank.”