Southampton smart energy spin-out acquired by Quby
Joulo, a spin-out from the University of Southampton, has been acquired by Quby, EuropeÃ¢â¬â¢s leading developer of smart thermostats and energy displays.
Joulo, co-founded by Dr Reuben Wilcock and Professor Alex Rogers from Electronics and Computer Science at the University of Southampton, develops smart energy monitoring technology that delivers insight into heating systems, allowing customers to save money on their energy bills and make their homes more comfortable. Joulo was tipped as the UKÃ¢â¬â¢s brightest home tech startup when it won first place at the 2013 British Gas Connecting Homes competition.
Through the acquisition of Joulo, Quby adds advanced algorithms, developed by world experts in artificial intelligence, to its portfolio. At the same time Quby acquires a simple and elegant hardware product, the Joulo USB temperature logger. The Joulo logger enables utility companies to engage both existing and new customers in discussions about heating, energy savings, insulation and comfort.
Dr Reuben Wilcock said: "Quby is a great match for Joulo and I am delighted about this acquisition. I am confident that Quby will have great success taking Joulo to international markets whilst continuing to develop the underlying algorithms. In QubyÃ¢â¬â¢s hands, I have no doubt that Joulo will soon make an appearance in millions of homes across the world."
Professor Alex Rogers added: "ItÃ¢â¬â¢s very exciting to see our fundamental research being developed into a consumer product. IÃ¢â¬â¢m very much looking forward to seeing how Quby grows Joulo in the home energy market over the coming years."
Joris Jonker, CEO of Quby, commented on the deal: Ã¢â¬ÅWe are excited to announce this acquisition. The founders of Joulo have developed a great product, and we are proud to have the opportunity to bring it to market. At the same time, this is a great opportunity for Quby to become more active in the UK by using Joulo as a springboard for our smart thermostat offering.Ã¢â¬Â
Financial details of the deal were not disclosed.