Munich-based GreenCom, an IoT startup focussed on home energy management, has closed a €12 million funding round to expand internationally. Lead investor Shell Ventures and Japanese VC firm Energy & Environment Investment (EEI) have joined previous backers such as Centrica, E.ON’s Future Energy Ventures, Munich Venture Partners and SET Ventures.
The SaaS platform is able to connect and optimise home energy devices such as solar PV systems, battery storage units, heat pumps and electric vehicle chargers, across a range of different models and manufacturers. End users can manage their energy use, optimise costs and share energy with their communities.
The startup’s partnerships and services can vary. For the UK utility giant Centrica, GreenCom offers the ‘Home Energy Management’ platform to its UK customers. Back in Cologne, the company is involved in a smart city district containing nearly 700 apartments, connecting and managing over 3 MW of decentralised energy asset capacity.
Founded in 2011, the German company also has operations in Sophia-Antipolis, France.
The fresh funding will help the business expand outside of Europe and connect it with new heat pump, inverter and battery storage manufacturers in Asia.
Image provided by SET Ventures