It has been called a ‘landmark transaction for Connexin’
Connexin teams have been installing smart water meters across the UK.(Image: Connexin)
Hull business Connexin has secured a £35m funding package to help its work in installing smart water meters across the country. The £16.3m turnover provider of broadband and digital connectivity says the deal is thought to be the first such financing dedicated to smart water meters in the country.
It includes £10m backing of Santander UK, along with a £5m borrowing arrangement, £10m of financing from investors Patrizia and another £10m borrowing facility. The 100-strong, K3 Business Park-based firm says the move is important to updating the UK’s water infrastructure with smart metering a response to water scarcity and an ageing network.
By providing customers and water companies with better information on consumption, they say smart meters can help identify leaks, reduce unnecessary use and help more efficient management of water. This new funding will help Connexin speed up its installation of meters for UK water companies.
Furqan Alamgir, founder and CEO of Connexin, said: “This is a landmark transaction for Connexin and an important step in our mission to build smarter, more connected infrastructure that helps tackle some of society’s biggest challenges. The water sector is facing enormous pressure, from scarcity and leakage to ageing infrastructure. We believe better data and the ability to turn that data into better decisions, will be fundamental to solving these challenges.
“Smart meters and sensors are creating an unprecedented view of how our water networks are performing. Through ConnexinOS and our business intelligence capabilities, we can bring that data together and turn billions of data points into actionable intelligence, helping water companies anticipate problems, target investment and make faster, smarter decisions.
“For us, smart metering is about much more than connecting a meter. It is about building the data and intelligence layer for the water sector. This financing gives us the capacity to accelerate that vision and help create a future where critical infrastructure is connected, intelligent and increasingly predictive.”
Phoebe Smith, head of infrastructure fund management, Europe at Patrizia, said: “Digitalisation can improve the infrastructure we already rely on. Connexin’s smart metering network is a clear example, helping water companies identify leaks and manage water resources more effectively. For our investors, this combines long-term demand for essential services with the opportunity to improve how those services operate. This financing will support Connexin’s next phase of deployment and reflects our confidence in the role digital infrastructure can play in modernising the UK’s water networks.”
Luke Campbell, Mayor of Hull and East Yorkshire, said: “Hull and East Yorkshire have the ambition to become a driving force in the UK’s digital economy, attracting inward investment, supporting innovation and building smarter, better-connected communities. Connexin is a fantastic example of homegrown innovation driving that ambition forward. This landmark investment is a vote of confidence in our region and its businesses, demonstrating how technology and data can transform critical infrastructure, tackle real-world challenges and contribute to a more sustainable future.”
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