Reading, UK-based measurable.energy has raised £4.5 million in series A funding to support the growth of its smart power outlet business.
The series A is led by a big name UK clean tech investor. Clean Growth Fund, an early stage LP fund that's anchored by the UK government, is leading this deal with participation from the Fred Olsen family's holding company, Bonheur, which has also backed measurable.energy previously.
Amongst others the round also includes Vectr7 Investment Partners, MMC Ventures and RO Capital Partners. The fresh funding will go to R&D and staff recruitment as the startup aims to meet elevated sales demand.
Estimates show a single high-density commercial building could save £115,000 by installing 5,000 of measurable.energy's smart plug outlets.
The smart sockets have an enriched suite of intelligent tools designed to make energy savings more accessible.
For instance, measurable.energy's machine learning software can automatically switch on the power supply when a device is plugged into the outlet. The sockets also watch energy consumption patterns for each electric-wired device.
The machine learning does even more remotely. measurable.energy's algorithms monitor factors that influence how much renewable energy is used.
The plug socket itself contains push notification LEDs that've helpfully been colour coded: red means its algorithm believes mostly fossil fuels are in the energy mix, and this turns to green at more energy-efficient times of day.
Office occupiers will find all of this particularly relevant. Idle printers, PC monitors and heating equipment left on standby are said to be responsible for as much as 40% of a commercial building's energy usage, the startup claims.
Fresh from its formal product launch, measurable.energy says it has locked down orders from two relatively major organisations in its own backyard.
In University of Reading and the local borough council, the startup is surely looking at thousands of plug sockets ripe for intelligent energy monitoring.
Further major contracts for measurable.energy arrived through early deals with Kier Group, a Manchester-HQed construction firm, and the Canadian engineering outfit Stantec.
RO Capital should also offer further business development. The series A investor has ownership of several commercial properties and was one of measurable.energy's first customers, according to RO's managing director Edward Rowlandson.
measurable.energy's CEO and co-founder, Dan Williams, added: "Our technology offers a simple solution for office occupiers who are under pressure to take action and cut energy costs and reduce emissions.
"Our solution can pay back financially within two years and allows business customers to reduce their electricity bills by at least 20%.
"With the welcome support of Clean Growth Fund, and our other new investors, we are in a stronger position to accelerate our commercial sales in the UK and global markets, as well as plan our entry into the residential market.”