An innovative environmental technology company located at NovaUCD has secured seed capital funding of €300,000 from a group of private investors.
Lightwave Technologies uses artificial intelligence techniques to make efficient decisions for controlling energy usage in commercial buildings with the objective of saving up to 30pc of energy costs for clients.
The company is in the final stages of developing its first product, a system called ICE (Intelligent Control of Energy). The system is using new advances in computer science in the area of neural networks.
The system adds intelligence to existing building management systems, learns the thermal characteristics of a building from past experiences, and anticipates how it may react under new conditions such as changes in occupancy requirements and the outside temperature, to ensure the efficient use of energy within a building.
The company plans to develop an embedded version of its product for sale to original equipment manufacturers of building management systems.
The company’s promoters, Waterford brothers Nicholas and Gerard McNulty, have teamed up with Dr Tahar Kechadi and Dr Joe Carthy of UCD’s Department of Computer Science to develop the ICE system. Dr Kechadi is an internationally recognised expert in artificial intelligence and both he and Dr Carthy bring a wealth of expertise to the Lightwave team.
Nicholas McNulty said: “The seed capital funding will enable the company to finalise the development of our ICE product, market it to our potential customers and generate our first sales.”
By John Kennedy