Lancaster-based Miralis Data has secured £1.7m in Seed funding, in a round led by Par Equity alongside other angel investors, such as SAAS entrepreneur Kevin Beales, to accelerate the growth of its electric vehicle charging platform Fuuse.
The investment will support the company’s strategy to become the enterprise level charge point management system of choice for fleets, workplaces, destinations and installers. The funding will enable Fuuse to expand its sales and customer support operations; bolster its innovation programme; accelerate the platform’s product development roadmap; and begin its planned international expansion. The investment will create more than 30 jobs across the company’s Lancaster and Glasgow offices.
Michael Gibson, CEO at Miralis said, “Fuuse is making phenomenal progress with charge points live on our platform from the Walkie Talkie building in London to a recycling site on the Isle of Man, and from the offices of Ocado and Whirlpool to over 100 public charging sites from Cumbria to Dorset. This investment not only gives us the financial means but also access to exceptional people with vast experience in software, energy and infrastructure to help us accelerate our growth and continue to thrive”.
Alastair Moore, Investment Manager with Par Equity said, “we are hugely excited to be partnering with Miralis at this inflection point for Fuuse. The pull from all corners of the market for Fuuse is testament to the quality of the offering that the team has built. It has already established itself as the leading end-to-end platform for managing EV charge point assets and with 7 million EVs forecast to be on UK roads by 2030, the time for scaling up the infrastructure to serve this is now, with Fuuse excellently placed to power this. We’re looking forward to the journey ahead”.
Launched in 2021, Fuuse enables organisations to manage their charge point infrastructure, control access, ensure uptime, reduce energy costs, take payments, generate more income through roaming and provide an excellent driver experience through their app. Scalable across sectors and hardware independent Fuuse provides a flexible solution for a multitude of use cases. Fuuse is proving popular with fleets, workplaces, NHS Trusts, local authorities, sporting venues and with the EV charge point installer community, where over 100 companies are signed up to Fuuse’s installer programme.
Thanks to grant funding from the Office of Zero Emission Vehicles and Transport Scotland, Fuuse is about to launch its advanced fleet smart charging and energy management capabilities, and enable charge point booking and blocked bay alerts.
Dr Will Maden, Chief Innovation Officer and Co-Founder at Miralis said, “This investment validates not only the success we’ve had with Fuuse so far but also the strategy, potential and pipeline of work we’ve put in place to build on it”.
About Miralis Data Ltd and Fuuse
Miralis Data Ltd is a transport-focused cleantech company with substantial software development and data science capabilities. On a mission to reduce carbon emissions across the transport sector, Miralis drives efficiencies, optimises vehicle usage and enables the transition to electric vehicles.
Fuuse is the flagship product of Miralis. Launched in 2021, Fuuse is the operating system for EV chargers, powering hardware to cater for the evolving needs of organisations and their EV drivers. Through its intuitive features, Fuuse helps both private and public sectors to get what they need from their EV charging infrastructure. Fuuse users can save energy, reduce costs, access more chargers, resolve problems quickly and generate revenue from their charging network, from one back-office system.
About Par Equity
Par Equity is a leading venture capital firm, based in Edinburgh, investing across the North of the UK in innovative technology companies, with high growth potential. Since it was founded in 2008, Par Equity has now invested more than £110m across 69 companies, leveraging a further £204m of capital from third party investors.
Par’s investment thesis is to combine the professionalism and rigour of a venture capital manager with the skills and expertise of a broad base of individual investors who can add value throughout the investment life cycle. This investment approach has produced exceptional outcomes across 24 realisations to date, with Par winning the Best EIS Investment Manager at the 2021 EISA (Enterprise Investment Scheme Association) Awards and Best Angel Group at the UK Business Angel Association Awards 2021.
Miralis was advised by Napthens and Par Equity by Addleshaw Goddard.