Bye Bye Standby
Domia has secured £106,000 worth of funding from the Oxford Investment Opportunity Network in a £409,000 funding round that will see the Worminghall-based company develop its Bye Bye Standby technology for businesses.
As part of a funding round totalling just under £409,000, business angels from Oxford Investment Opportunity Network (OION) have provided £106,000 of new funding to energy management specialist Domia.
This investment was matched with £106,000 under a co-investment programme arrangement between the Bank of Scotland and the OION Network.
The balance of the investment has come from existing Domia shareholders, including the company’s managing director, Darryl Mattocks.
Domia owns the Bye Bye Standby range of devices, which work by cutting the power to electrical appliances when they are not in use, thus saving the energy that would have been consumed while they were in standby mode.
The core Bye Bye Standby product consists of a device that connects between the wall socket, or other power source, and the appliance.
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