Quby acquires university smart energy monitoring spin-out
February 4, 2015
Joulo, a spin-out from the University of Southampton in the UK, has been acquired by Quby, a Netherlands-based developer of smart thermostats and energy displays.
Joulo, co-founded by Reuben Wilcock and Alex Rogers from the electronics and computer science department at the university, 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 UK’s brightest home tech startup when it won first place at the 2013 British Gas Connecting Homes competition.
Through the acquisition of Joulo, the financial details of which were not released, Quby adds advanced algorithms, developed by world experts in artificial intelligence, to its portfolio.
"Quby is a great match for Joulo and I am delighted about this acquisition,” said Wilcock. “I am confident that Quby will have great success taking Joulo to international markets whilst continuing to develop the underlying algorithms. In Quby’s hands, I have no doubt that Joulo will soon make an appearance in millions of homes across the world."
At the same time Quby acquires a simple and elegant hardware product, the Joulo USB temperature logger. The logger enables utility companies to engage both existing and new customers in discussions about heating, energy savings, insulation and comfort.
"It’s very exciting to see our fundamental research being developed into a consumer product,” said Rogers. “I’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, added: “We 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.”