Summertime is in full swing, and that means that air conditioners are blasting and electric bills are skyrocketing. It couldn’t be a more perfect time for Sense — a company that works to make homes more energy efficient — to announce the closure of $10 million in new funding.
Founded in 2013, Cambridge-based Sense builds devices that connect to a home’s energy system via breaker boxes. A Wi-Fi-enabled hub feeds information from these devices directly to a smartphone app, where homeowners receive key insights into the energy usage of all individual appliances in their home.
This system has applications such as checking to see whether you left a particular appliance running. The company’s goal is empowering users to make energy-use choices that are ultimately more cost-effective and environmentally conscious.
As for Sense’s latest funding, the $10 million influx is actually an extension of the company’s Series B funding round, which previously came in at $20 million. MacKinnon, Bennett & Company and IDO Investments led the latest portion of the funding, while Schneider Electric and Landis+Gyr led the first section.
In total, Sense has raised $50 million to date.
Energy efficiency and demand response are constantly gaining importance globally, and we see Sense Labs playing an important role.”
These investors are not just money-lenders, but business partners who are capitalizing on the power of Sense’s technology. Schneider Electric, for example, now incorporates the Sense system into its Wiser Energy System, and Landis+Gyr has plans to do the same with its own brand of smart meters.
“Energy efficiency and demand response are constantly gaining importance globally, and we see Sense Labs playing an important role in the energy space,” said Dr. Philip Boigner, CEO of IDO Investments in a statement on the funding. “Their product is intuitive and produces valuable data for homeowners and various stakeholders in the energy sector. We see great potential in Sense and the value it can bring.”
Sense plans to use its Series B funds to continue its trajectory of market growth and establish new business partnerships.
