Digital transformation company Ecocentric’s current crowdfunding and equity raising activities are underway to shore up the company’s cash reserves, which will enable it to commercialise its electrical fire detection Numen technology.
The company’s cloud-based Numen artificial intelligence analytics platform is an intelligent energy monitoring system that uses advanced AI technology, which was developed in collaboration with Australia’s science agency CSIRO.
Just days after launching its funding campaign, Ecocentric sparked an equity crowdfunding rush, raising close to $500,000 from over 150 investors.
The company’s funding to-date includes $3.2 million raised from equity investors with the support of financial services firm Merchant Corporate Advisory.
“Ecocentric is pleased to be able to share the potential upside with Australian retail investors. Our technology was developed in Australia, in partnership with the CSIRO, and it seemed fitting to share our growth story with smaller investors,” Ecocentric chief executive officer Tim Bray said.
Everyday Aussies pitching in
Electrical faults have been named as the cause of some of the most horrific fires in recent history.
Ecocentric’s Numen platform aims to mitigate this by detecting the electrical arcs, which generally precede electrical fires.
“Our technology monitors critical machines and devices to provide operational optimisation and early warning of any performance degradation to avoid catastrophic equipment failure and unplanned shutdowns,” Mr Bray said.
Previously, everyday investors didn’t have access to these types of investments, but equity crowdfunding legislation introduced in January 2018 changed that.
Earlier trials using crowdfunding have included Haven Power in the United Kingdom, which is part of the larger Drax Group.
Ecocentric is planning to begin manufacturing its Numen devices to meet forward orders as trials convert to large-scale rollouts of its technology across Australia and the United Kingdom.
Capital to service global demand
Ecocentric is on the verge of rapid scale up with a number of major national and international clients currently trialling its technology.
“The next 12 months will be characterised by the shift from the R&D phase to early commercialisation,” Mr Bray explained.
“We will continue to pursue growth with a focus on implementing trials with new clients as well as converting trials into commercial orders,” said Mr Bray.
Ecocentric is raising up to $1.5 million in the crowdfunding campaign to progress mass commercialisation.
The offer closes today 12 December 2019.