An innovative new Irish company has attracted €800,000 in funding to drive the growth of its business at home and abroad. Founded by chief executive Michael Phelan, Endeco Technologies has invented and developed a range of wireless smart energy management technologies which it is already selling into the retail sector.
The investment in Endeco was led by the €53 million AIB Seed Capital Fund which is co-managed by Dublin BIC, the enterprise development organisation. Additional funding was raised through Enterprise Ireland and private investors.
Endeco says it already has a strong influx of business and plans to create 30 new jobs by 2012. The company is actively seeking applications from sales and marketing professionals with Irish and UK experience ideally in the area of software systems.
Endeco’s product involves smart building technology. The Irish company has recently deployed its products in a number of small and medium sized retail outlets in Ireland with positive results. The product has demonstrated that it can save retailers up to 25% on their energy costs by using wireless sensors and automated control of energy intensive electrical equipment such as refrigeration, lighting, heating and air conditioning in stores.