Swedish smart energy startup Watty has secured €3 million in new funds. The round was led by Helsinki accelerator Cleantech Invest along with EQT Ventures and a grant from the Swedish Energy Agency.

Watty builds machine learning software that monitors and analyses a home’s energy use per appliance to provide the best advice and optimisation for reducing your bill. The startup is in the midst of partnering with utility firms, energy storage companies and solar companies to help boost revenues and customer numbers.

“Few investors know the in-and-outs of the latest machine learning developments, and even fewer know the energy sector well,” said Watty CEO Hjalmar Nilsonne on this new funding round. “Working with both Cleantech Invest and EQT Ventures is a perfect match for us. We get deep industry expertise from Cleantech Invest paired with a strong experience of scaling technology businesses globally from EQT Ventures.”

“[Watty’s] technology has developed even faster than planned and has been thoroughly tested with customers in cooperation with some of the biggest energy companies in Europe,” said Alexander Lidgren, CEO of Cleantech Invest, which previously invested in Watty last year as part of its €1 million seed round. “Watty provides what we really believe will be the energy bill of the future”.

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