Eliq, a solution for monitoring your electricity usage, has raised €3 million in funding from a syndicate of Swedish angel investors.
The Swedish startup plans to use the fresh capital to expand into the UK market by opening offices in the country while it successfully launched its services in France recently. CEO Håkan Ludvigson told Tech.eu that the investment is 90% equity and 10% debt.
The company provides a SaaS-based mobile app for monitoring and optimising electricity use to gain a better understanding of the customers’ energy usage patterns. Funds will also be invested in further product development, the company said, and it recently struck a deal with Canadian IT consulting and outsourcing firm CGI to resell its software.
“Utility customer engagement was first disrupted by the US company Opower, whose energy bill-insights product was bought-out by enterprise software giant Oracle for $532 million in 2016,” commented Ludvigson.
“Eliq is moving this concept forward to the next digitisation level, defining a new generation of utility customer engagement, based on mobile apps, artificial intelligence and seamless integration with new energy-tech such as solar panels, energy storage, EVs and home automation devices,” he said.
Following this angel investment, the Gothenburg-based company hopes to raise a Series A round at some point in 2018.