Scotland’s national bank invests millions more in Utopi

Utopi’s technology collects data from multi-tenant buildings, and tracks and measures temperature, humidity, air quality, light, noise, and motion. Its in-house specialists then provide data-informed recommendations, tailored to the property, to reduce the building’s environmental footprint, create a healthier environment for residents, and improve the value of the building for investors and asset managers.

The fresh investment from the SNIB is designed to support the continuing growth of the company. It comes after Utopi secured an initial contract with global real estate firm Mapletree Investments Pte to provide electric panel heaters and smart sensors for 1,500 student rooms within its UK student housing properties. Utopi currently operates across 13 countries, managing data in more than 58,000 spaces, around 30,000 of which are in purpose-built student accommodation.

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Jonathan Burridge, chief executive and co-founder of Utopi, said: “The support and investment provided by the Scottish National Investment Bank have been transformative for Utopi. Their strategic guidance and alignment with our growth vision have enabled us to expand our team by attracting top-tier talent from across Scotland, develop innovative product solutions, and explore new international markets.

“This partnership has also allowed us to contribute meaningfully to the Scottish economy. With significant client acquisitions, such as Mapletree, Collegiate and Greystar, we are committed to delivering exceptional value to our customers and reinforcing our position as the leading data solution provider in the multi-tenant real estate sector.”

SNIB’s latest backing for Utopi is in line with two of its core missions, to invest in companies and projects that seek to address the climate crisis, and to support organisations to scale innovation and technology.

Richard Skillen, director of investment portfolio management at the bank, said: “Scale-up companies have huge potential to transform the Scottish economy. Utopi is a great example of what this looks like: an innovative Scottish tech company supporting a more sustainable future, with a globally scalable product.

“Utopi’s success in securing long-term contracts is a testament to the value its technology brings to its existing customer base, and we are pleased to continue to support the next stage of the company’s growth.”