Posted on: October 21, 2021

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We are delighted to have advised Xergy Group Limited (“Xergy”) on its £4.25m Series A+ funding round.

The investment will support Xergy’s plans to scale up their Proteus software-as-a-service offering, allowing significant expansion in sales and marketing, whilst further enhancing the development team and enabling them to continue building out further value-adding features.

The funding round was priced at a 75% uplift to the prior fundraising, an indication of how successful Proteus has been in cementing its role in the digitisation of the energy and transition sectors. Existing shareholders have shown strong support in this round, including Scottish Enterprise whose investment has expanded significantly with an additional £1m in equity. Other key investors include early Proteus customers who have become strong advocates of the benefits to their businesses.

This represents a continuation of our longstanding advisory relationship with Xergy, building on £2.9 million in prior Seed funding raised for the product development and launch of Proteus.

Professor James G McCallum, Founder and Chairman at Xergy, said, “It’s fantastic that we’ve closed this Series A+ funding round and we would like to thank the Gneiss Energy team for their support. We’ve managed to raise significantly more than our targeted minimum, at a substantial price uplift and we’re excited about the road ahead with this new growth capital.”

Ben Leith, Director at Gneiss Energy said, “The strength of the Proteus offering shows through in the strong level of support the company has received from new and existing shareholders and Gneiss Energy is pleased to have played a key role in helping them get there. Xergy is now in a great position to expand into this dynamic marketplace. Congratulations to Professor James G McCallum, Colin Manson, Nigel Filer and the team!”

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