finance

Scottish property tech firm aims for European expansion



Property technology firm Utopi has secured more than 2,000 orders for its sensor device from the UK’s build-to-rent and student accommodation sector.

The Hamilton-headquartered company stated that it is now preparing to scale up for growth in Europe.

It was established in October 2019 and now employs 15 staff.

Its multi-sensor device provides real-time insights of buildings, individual rooms and shared spaces. The data can be used to show a full ‘service history’ for property assets, making them more valuable to investors and asset managers, as well as boosting sustainability.

The technology was designed with support from CENSIS – Scotland’s innovation centre for sensing, imaging, and internet of things (IoT) technologies – and manufactured in Scotland.

The device captures a variety of data from temperature to humidity, ambient light, noise and carbon dioxide levels. The readings are then transferred over an IoT network to Utopi’s team for analysis and action.

The device can also be combined with electricity, water, property size and occupancy data to determine what typical consumption levels should look like and support tenants to reduce their use of resources.

Built with a European-compliant chipset, Utopi’s multi-sensor can be deployed on the continent without modifications and was designed to be exportable.

The company said that, after Europe, with a change of chipset and re-certification, its next phase of expansion could be across the pond.

Falk Bleyl, co-founder and chief technology officer at Utopi, said: “The UK is a growing market; but Europe is a big opportunity for us, where renting is more common, and North America will be our next target after that.

“We have big plans for the device and our business, with ESG becoming an increasingly important focus for the property industry.”

Stephen Milne, director of strategic projects at CENSIS, added: “Utopi is also a great example of the growing number of innovative Scottish tech companies that are creating products that have global potential – these businesses will be a critical part of how Scotland builds back better, and greener, as we emerge from the pandemic.”

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