Xergy, the Aberdeen-based energy technology firm behind Proteus project management software, is to develop new artificial intelligence (AI) after securing £3.1 million of fresh investment.
The company said its latest, “heavily oversubscribed” cash injection was from existing and new investors.
Proteus is a cloud-based work management system that allows firms to find the right people for projects as and when they are needed.
Xergy developed the digital platform to help the energy industry meet the challenge of resourcing complex engineering projects efficiently and cost-effectively.
£10.2m raised to date
The firm has raised more than £10.2m from investors since its inception in 2018.
Welcoming the latest funding, co-founder Colin Manson said: “This successful financial raise allows us to increase the size of our in-house development team by recruiting new talent who will focus on building Proteus’s generative AI. This will further help our clients optimise their project performance. In addition, the raise will support our growth into Australia and our planned entry into the United States later in 2024.”
James McCallum, Xergy’s other co-fonder and chairman, said: “Our latest raise enables the Xergy team to broaden market penetration and awareness of Proteus, and further boost our ambition to bring a game-changing, financially compelling, project controls solution to a global market.
“Our vision remains to assist our clients in delivering exceptional project performance, whilst embracing the broader potential of digital transformation.
“We are humbled by the continued support of our legacy shareholders and excited to add some new investors who are joining us on our journey.”
Mr Manson is the former boss of Xodus Group. Mr McCallum co-founded energy services firm Senergy in 2005 and owned 24% at the time of its sale to Lloyd’s Register in 2013.
The pair recently announced new office openings for Xergy in Broughty Ferry and Perth, adding to its existing footprint in Aberdeen and Dubai. The company currently has a workforce of 34.
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