Software developer Lysanda has secured a £10 million fundraising from a syndicate of investors including Disruptive Capital Finance that will pave the way for future growth.
Software developer Lysanda has secured a £10 million fundraising from a syndicate of investors including Disruptive Capital Finance that will pave the way for future growth.
The fundraising, which was also backed by clean technology and renewable energy investors Danny and Edmund Truell, will fund an expansive plan of the company’s Eco-LogTM software that claims to cuts vehicle fuel consumption by up to 20 per cent.
Newly appointed executive chairman, Geoffrey Finlay, who invested alongside the syndicate, comments, ‘The technology has been developed by an impressive team with strong technical know-how, and I look forward to being involved in its future development and expansion into the broader marketplace.’
Lysanda’s patented software provides real-time data on fuel consumption and driver behaviour. Lysanda aims to target high-growth markets including the vehicle breakdown and insurance sectors. An example of the technology’s use comes when a vehicle breaks down and the software alerts roadside rescue firms in real time, informing them of the specific malfunction before the call-out in a move that is hoped to improve response times.
Cédriane de Boucaud, partner at Disruptive Capital, which manages the Sustainable Technology Fund, comments, ‘Our investment approach is all about identifying opportunities for positive disruption of markets.
De Boucaud continues, ‘The combination of impending legislation, rising fuel costs and concern for the environment creates real potential for revolutionising the fleet management and associated insurance market as well as benefiting individual drivers.’
Edmund Truell was founder of Duke Street Capital and is currently director of Pension Corporation and chairman of Disruptive Capital Finance, which changed its name from Curzon Park Capital earlier this year. Disruptive Capital Finance was set up to provide private equity and venture capital funding to support the growth of businesses across the cleantech sector in Europe.
