Industry News
Lysanda raises £1m to launch Eco-Log technology
11th September 2007
The UK automotive systems house Lysanda has secured £1 million of new funding to complete the development of its pioneering on-board vehicle emissions monitoring technology, Eco-Log, which gathers information on the emissions, fuel economy and performance data of a moving vehicle. It works through power-train simulation technology and requires no sensors in the exhaust stream.
The latest investment includes a £200,000 Research & Development Grant from the East of England Development Agency (EEDA) and £500,000 in venture capital from the Sustainable Technology Fund. Launched in March 2007, and managed by E-Synergy Ltd, the fund is one of the new government-backed Enterprise Capital Funds and has a remit to invest in early stage clean technology companies.
Additional funding has been received from a group of business angels, including the MP for South Suffolk, Tim Yeo. As a shareholder in the company and a commentator on environmental issues, Yeo will work to promote Lysanda to policy makers in Westminster and in the European Parliament and Commission.
The new investment will fund the final stages of Eco-Log development, enable its commercial launch and fuel the expansion of the team. The first new appointment, Dr Manos Hatiris, joins as Principal Engineer, and a search is on for several more technical and marketing support staff.
Lysanda CEO and founder Alex Willard said, “Lysanda is now in a position to complete its final stages of development, thanks to this additional funding. We have received valuable support from EEDA since our launch in 2006. Now, with their continued backing, and the support of the Sustainable Technology Fund and our private investors, we can now capitalise on the interest many fleet operators are expressing in Eco-Log.”
After two years of development, Lysanda launched the Eco-Log prototype at the end of 2006.
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