Real estate data analytics platform Utopi said it will create 50 new jobs after securing £5 million of funding from the Scottish National Investment Bank.

The Hamilton-based company which specialises in “energy consumption monitoring and impact technology” will use the scale-up support to target new global markets.

“By providing real time and actionable ESG data and carbon emission analysis in multi-tenant buildings, Utopi is at the forefront of the sustainable city revolution, supporting the transition to Net Zero,” said the bank.

Utopi CEO Jonathan Burridge said: “This investment will support our ambitious plan to become the number one ESG technology platform in our target markets.

“Data driven transformation is essential to reducing global carbon emissions and with the support of The Bank, we can reach global audiences sooner.

“The bank really understands the opportunity we have to make an impact, and we are delighted to have them onboard for the next exciting stage of our journey.”

The bank cited research indicating that the new technology is on track to reduce over 6,500 tonnes of carbon from multi-resident buildings over three years.

The Scottish technology company is currently working in partnership with Moda Living in Edinburgh at its 476-home neighbourhood Moda, The McEwan, to monitor the energy consumption of individual properties located in the residential building. Residents and building managers have access to real-time data to indicate carbon emission levels.

Nicola Douglas, executive director of innovation at the Scottish National Investment Bank, said: “We are fully committed to achieving Scotland’s net zero targets.

“This investment has the potential to make a significant impact on carbon emissions in the real estate sector, futureproofing sustainable communities around Scotland.

“Our investment into Utopi will support several new data-lead jobs in the company, helping to build Scotland’s technology ecosystem.

“Utopi’s technology has a strong alignment with both our Net Zero and Innovation missions and we look forward to working with them to deliver their ambitious growth plans.”

Amanda Rennie, Operations Director at Moda Living, said: “Operating our rental neighbourhoods sustainably, and empowering our residents to live a green lifestyle, is a huge priority for Moda Living.

“Utopi’s technology allows us to interact with the efficiency of our buildings in a way that’s completely unique to the residential sector – at Moda, The McEwan and at our rental neighbourhoods across the UK.

“We look forward to seeing what we can work on together next with them having secured this well-deserved investment from the Scottish National Investment Bank.”