Energy infratech start-up, Aurtra, has received a total of $2 million from Australia’s largest angel investment group, Sydney Angels, venture fund, Uniseed and other investors.
Aurtra, a start-up based in Brisbane, was co-founded by Terry Woodcroft, Stephan McRae, and Richard Harris, who each have extensive experience launching new international products from Australia and growing businesses.
Aurtra provides power asset management solutions, using real-time monitoring to extend the life of energy transformers by ten years or longer.
Currently, energy transformers have a 30-year automatic replacement cycle, regardless of physical condition, which creates a $1.7 trillion global problem with significant environmental implications.
The co-founders sought licensing of Internet of Things (IoT) and SAAS research from The University of Queensland in March 2017, forming Aurtra the same year.
The first solution was installed with Energy Queensland just four months after Aurtra’s formation.
Within two years, the solution had been adopted by more than two thirds of Australian power distribution utilities.
Aurtra will use the funding to leverage existing distribution in Australia, New Zealand, North America and Europe to drive new customer acquisition in the US, Asia, and Europe.
“The global infrastructure technology market is yet to be touched by any significant technological transformation, so any shifts could have enormous results,” said Aurtra Co-founder and CEO, Stephan McRae.
Investment group, Sydney Angels, typically look for startups with an attractive market potential, strong, defensible products, quality team and plan with ten times return potential.
Sydney Angels’ investor representative, Richard Shepherd, said “Not only does Aurtra have a proven and unique product but this new funding will enable rapid global expansion through new and existing distribution.”
Uniseed’s Investment Manager, Paul Butler, said “We are excited to be part of such a strong investment… and also proud to see the successful commercialisation of another technology born out of partner-university research.”
Attracting and securing experienced seed-stage investors such as Sydney Angels and Uniseed was pivotal for infratech Aurtra.
They “heavily assist our next phase of growth and future capital raising,” said co-founder, Stephan.