Manchester tech firm targets Africa with new product
A Manchester-based smart metering technology supplier to African utilities, has launched a suite of energy automation products to improve the continent’s electrical infrastructure.
Building on the company’s data-lite smart metering platform SteamaCo’s new product launch makes advanced metering infrastructure and workforce automation available in previously unreachable places.
The firm’s new products include Edge 6, the world’s most data-efficient smart meter that keep operations running when connectivity is scarce, and Site Maps, which improves the speed and effectiveness of field work.
Founded in 2012, SteamaCo has headquarters in Manchester’s Science Park and offices in Kenya.
Praetura Ventures backed the firm alongside Shell Ventures in a £5m investment in June, marking one of the first investments from its first £15m enterprise investment scheme fund, which aims to support early-stage businesses looking to scale.
Guy Weaver, director at Praetura Ventures, said: “We’re proud to champion entrepreneurs who make it their goal to bring about real change worldwide.
“We have been blown away by SteamaCo’s pledge to improve Africa’s infrastructure through ground-breaking innovation, and with our support we are confident the firm will continue to transform the lives of people in remote locations. SteamaCo is a true example of Manchester-grown ambition making global waves.”
Harrison Leaf, CEO and co-founder of SteamaCo, said: “Edge 6, Install Assist and Site Maps are our latest contribution to Africa’s remarkable infrastructure development. Being largely unconnected to grid power, Africa is the world’s hotbed for distributed energy innovation and SteamaCo’s exciting technology advancements are leading the industry in energy and workforce automation.”
The Praetura group of companies, which is headquartered in Manchester, was founded in 2011 to support SMEs across the UK with alternative debt and equity funding.
Praetura Ventures closed its 2019 Enterprise Investment Scheme (EIS) fund at £15m in May 2019. The fund will back eight to 10 early stage tech businesses predominantly in the North with between £500,000 and £2m per business, while providing support and guidance to management teams via its ‘More than money’ approach.
Since closing the fund, Praetura has invested £7.3m in a number of early-stage businesses, including ecommerce platform Dr Fertility, conversation-as-a-service chatbot provider Futr and SteamaCo.
