Belgium’s Smappee, which develops energy monitoring solutions, has closed a $2.7 million Series A funding round led by its current CEO and COO.
Smappee’s smart traffic controller device monitors the amount of electricity consumed and generated in a building so you can keep tabs, via the smartphone app, on how much energy each of your appliances is using up in real time and what the costs are.
It has versions for businesses and for personal use in the home and startup is hoping to take advantage of the 'Internet of Things’ market.
“In the end, your Smappee will function as a traffic controller between your solar panels, your appliances and your home battery,” said CEO Stefan Grosjean. “It will tell your freezer to work harder when your solar panels are generating electricity and less when the sun is not shining. It will also know at what time in the morning you need hot water for your shower.”
This new round of funding will be used to further develop Smappee’s technology and expand its functions to other energy sources like gas and water.
According to the startup, the market for its product is huge.
It has already launched in the US while it doubled its sales figures in Q4 of 2015 compared to the previous quarter and saw a lot of activity in France, Switzerland, and Australia. The device is sold in over 60 countries. Smappee credits growing awareness around climate change and renewable energy and legislation changes for the interest in its products.