Overfunding: UK Smart Tech Company Camfridge Surpasses Nearly £500,000 Funding Target By 128% on SyndicateRoom

UK-based smart technology company Camfridge have overfunded to £640,254 through its investment funding round on SyndicateRoom. This equals 128% of the original target, £499,990.

Camfridge, which was founded in 2005 as a spin-off from the University of Cambridge, is currently developing energy-efficient, gas-free, lower-cost technology for refrigeration appliances. It was revealed:

Camfridge enjoys significant collaborative R&D funding from the European Union, and the company is also supported by both the Carbon Trust and the Technology Strategy Board. These funding programs are enabling the development of a strong industrial ecosystem that is driving the sustainable growth of the magnetic cooling industry.”

The company reported that the UK government, in line with the 2008 Climate Change Act, is aiming to reduce the UK’s greenhouse gas emissions by at least 80% (from the 1990 baseline) by 2050 and it is on a mission to help achieve the government’s goal by enabling its next generation of high-efficiency domestic cooling appliances, using novel technology based on magnets and magnetic materials to replace gas compressors.

Camfridge also reported that this technology is aiming to reduce the energy consumption of refrigeration units by up to 50%. Camfridge estimates that if its technology is adopted globally, it would be equivalent to reducing the UK’s current total carbon emissions by 44% annually. Neil Wilson, CEO of Camfridge, stated: 

“Our mission is to contribute towards the reduction of greenhouse gas emissions in the UK through developing low-cost, high-efficiency cooling appliances for consumers. With the funds raised via the SyndicateRoom platform, we’re planning to develop additional products through ongoing research and enhance our business development.”

Gonçalo de Vasconcelos, CEO and Co-founder of SyndicateRoom, added:

“Camfridge is a brilliant example of a business that has the ability to scale-up whilst making the world a better place and we are thrilled to have added such an exciting cleantech business to our portfolio.”


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