Innovation Alliance campus company – Veutility – wins Globe Forum Innovators’ Challenge
Dr Antonio Ruzzelli, emerged as the winner of the Globe Forum Innovators’ Challenge
with campus company, Veutility, a software application that provides companies with an integrated view of their energy consumption data by site, by building, by room, by tariff or by square metre. The new technology, developed by Dr Antonio Ruzzelli, who is based in Clarity, UCD, allows companies identify uniquely energy consumption by appliances using a single smart metre.
With energy and electricity costs remaining the greatest overhead burden in businesses, an application such as Veutility offers a real competitive advantage to SMEs and large companies, who will be able to collect, compare and benchmark their energy consumption online.
The technology has already been patented out of UCD and Veutility is currently testing it in a number of different sites, where they are reporting savings of between 20 and 40%. The company is currently seeking investment of €500,000 to bring it to the next level.
The business team at Veutility, led by John Feighan, can put the Innovators’ Challenge prize to good use with free incubation space at NovaUCD and bespoke entrepreneurship support through the entrepreneurs programme for 1 year, mentoring from the TCD/UCD Innovation Alliance, website support from IQ content, mentoring from Accenture and PR support from Limelight Communications. The prize also includes membership in Globe Forum’s facilitator programme for one year.
Having driven the technology side Veutility, Ruzzelli believes it is now time for him to become more involved in the business side. “It’s time to become a salesman.”