SIR Tom Hunter has made a significant investment in a firm which has developed technology that will allow consumers to keep detailed tabs on the energy they use in their homes.

The Ayrshire Entrepreneur's West Coast Capital business has bought shares in ONZO in a move that provided a big vote of confidence in the prospects for the firm.

Details of the investment were not disclosed. However, it is understood that West Coast made a multi-million pound investment in the funding round.

The investment will fund a major expansion at ONZO, which West Coast believes can play an important part in efforts to reduce energy consumption and associated emissions.

ONZO supplies products that let power firms and their customers draw on the huge amounts of information gathered by smart meters and the like to help find ways of reducing energy usage.

The technology can tell how much power individual items such as washing machines use. Power firms can use the information to help change demand patterns and to boost customer loyalty.

The company includes Scottish Hydroelectric owner SSE among its clients.

The investment reflects Sir Tom's belief that there will be massive demand for technologies like those developed by London-based ONZO to harness the power of analytical software and the internet.

A spokesman for the serial entrepreneur said: "Big data and analytics is a space we like as it drives efficiency; if you like if information is the oil, analytics is the engine. With ONZO we see a transformative software that benefits the power companies on the one hand and consumer on the other; it's a win win."

He said ONZO operates in a global market worth billions.

West Coast Capital recently made what is believed to have been another multi-million pound investment in a Silicon Valley based retail software business Order Dynamics, which also operates in the data analytics space.

Founded by Sir Tom after he sold his Sports Division retail business to JJB for £290m in 1998, West Coast Capital has increased its activity in recent months.

The spokesman said: "In general we've been investing more this year through West Coast Capital."

He added: "I think in general we're seeing more opportunities, the challenge as always is picking the winners."

He noted that West Coast was prepared to hold investments for ten or more years, longer than average for private equity firms.The policy reflects West Coast's confidence that it will be able to pick enough winners to more than offset the costs of unsuccessful investments.

The West Coast operation made hefty losses on investments made in some housing businesses such as McCarthy & Stone before the market slumped in 2008.

However, it has made big gains in recent years on investments made in businesses ranging from the Office shoe retail chain to the PSN oil services operation.

West Coast capital made the largest investment that ONZO received in the latest funding round.

Germany's Cipio Partners increased its investment in the company. Paul Davidson of West Coast Capital said he was very impressed by the ONZO team members and their vision.

ONZO, which was founded by its chief executive Joel Hagan, will use the funding to recruit staff in support of a push for growth in international markets. Derrick Allan, head of ventures and development at SSE sits on ONZO's board.

Welcoming the latest investments, ONZO's chairman Eddie Minshull said: "We now have the financial backing and experience to build on the already strong and deep foundations that have been laid at ONZO and to take the Company to new heights at a time our value propositions are being sought in the market.

ONZO can now call upon significant financial muscle, sales and analytics expertise as well as extensive knowledge of utilities and now also business customers."

Sir Tom converted £163.8m loans owed by West Coast Capital Holdings into shares in the year to 30 March 2013. He converted £150.9m owed by West Coast Capital Trading into shares in the 14 months to 31 March 2013.

West Coast said in December last year that recapitalising the debt significantly strengthened the companies' balance sheets.