Cylon Controls, an Ireland-based developer of energy management systems for businesses, has secured €7m ($9.5m) of funding from ESB Novusmodus Fund, a venture capital firm backed by Irish energy company ESB.
The investment will be used to finance Cylon’s acquisition of US-based building automation technology developer American Auto-Matrix, and to accelerate growth.
Seán Giblin, chief executive of Cylon Controls, said: “We are delighted with the investment from ESB Novusmodus and the support from Greencoat Capital that has shown itself more than capable of growing Irish technology companies.
“With its strategic council and financial support, we are very excited about the next chapter in Cylon’s development.”
Invetsment firm Greencoat Capital is Novusmodus’s fund manager, and focuses the fund’s investments in the clean technology and renewable energy sectors.