We are excited to announce the investment by the Jenson SEIS and EIS Fund 4 into Wallden Technology Ltd (UK) Limited.

Wallden Technology Ltd has developed a unique technology that optically reads the existing utility meter consumption and does not require a full-scale replacement of the existing meter infrastructure.

It is a very small battery powered optical sensor unit built together with a microcontroller which is mounted on the existing manual utility meters. The device reads the meter reading continuously at preset intervals. It then transforms the reading to digital values and sends the values through a local wireless network to a data Mobile gateway unit that is connected to the smart grid through the mobile network.

Due to its unique reading technology the system is able to provide the utility company with the same accurate information as a smart meter, but without the need for replacing the existing meter, saving high costs for the metering customers.

Lars Wallden is the Founder and Director of Wallden Technology Ltd and the optical meter reading project. He is a global entrepreneur and innovator with extensive experience of start-up companies and innovative solutions for new products and markets. Lars has experience in international business management, technical development of hardware and software solutions and specializing in the Internet of Things.

Patrik Hellstroem is a serial entrepreneur and top athlete. He works with quality assurance at Volvo Cars group in Sweden. He has a background in health services and physiotherapist for top athletes including the Swedish hockey team and the US field and track team. He has started several companies in the construction and wine distribution business.

Lars commented: “We are very excited to work together with Jenson to realise this project. The investment from the Jenson SEIS fund is an important step in the company´s development and enables us to grow our technology and business. The investment will enable further technology development and market expansion.”