Cambridge based Spotta, a multi-award winning provider of integrated systems for insect pest management, has secured equity investment, part-funded by the Cambridgeshire and Peterborough Combined Authority, via The FSE Group.
The investment is part of a £3.4 million funding round advancing Spotta's proprietary Artificial Intelligence and ultra-low-power Internet of Things (IoT) technology, which aims to solve the £320billion global problem of insect pests. The funding will play a crucial role in accelerating Spotta’s commercial expansion in three verticals across more than 20 countries.
Spotta's technology combines IoT and AI to deliver real-time, actionable insights for sectors adversely affected by insect pests. The company has already secured major hotel brands as customers with its Bed Pods deployed across 10000+ hotel rooms. Its 99% renewal rate in the sector is testament to the effectiveness of the technology, with a 94% detection success rate, allowing customers to achieve a 75% reduction in new bed bug issues within a year.
In agriculture, Spotta is helping farmers manage an existential threat posed by invasive pests. Deployed within crops, Spotta’s ultra-low power IoT Pods provide automatic 24/7 insect detection with information transmitted wirelessly to an AI console, enabling growers to take early action.
"Securing this investment marks a pivotal moment for Spotta," said Robert Fryers, Co-founder and CEO of Spotta. "Our technology has the potential to transform insect pest management. We have a solution that can help anywhere that insects cause issues, from helping hotels address the age-old problem of Bed Bugs, to agriculture, where we are able to increase yields by 10% whilst halving pesticide use. We are excited about the future and the positive impact our solutions will have on the environment and industry efficiency."
The company's technology not only addresses critical industry pain points but also contributes to global decarbonisation efforts. With agriculture accounting for 10% of global CO2 emissions, Spotta's ability to halve the resources consumed by insect pests could significantly reduce environmental impact.
Paul Lyristis, Investment Manager at The FSE Group, commented: "Spotta's unique combination of patented technology, robust business model, and experienced management team positions them as early leaders in their field. They have established key relationships in their target sectors - hotels, date palm production and horticultural fruit farming and we are delighted to support their growth and innovation journey."
Founded in 2018, Spotta continues to expand its market reach, envisioning growth to a £40 million revenue business by 2028. It’s scalable platform technology has the potential to enable a huge increase in productivity across a range of insect-affected markets including agriculture, forestry, textiles, and hospitality.