Sense Secures $105 Million in Funding to Expand Its Home Energy Monitoring Technology
As I recently checked my energy bill, I couldn’t help but wonder if there was a typo. Honestly, it doesn’t bode well for someone who just installed a window air conditioning unit ahead of another climate change-fueled summer. Energy prices have been soaring of late, and while Sense’s primary selling point is helping homes lower emissions, cutting a few ConEd bills along the way would be a win-win in my book.
I suspect these dual concerns are a big part of the reason investors appear to be throwing money at the Boston-area firm, Sense. Thankfully, everyone’s looking to get in on the clean tech action for the long term. In the meantime, us regular folks could use some relief on monthly utilities.
Massive Funding Round
The company just announced a massive $105 million raise, led by Blue Earth Capital. Telus Ventures and MCJ Collective joined the Series C, which also included existing investors Schneider Electric, Energy Impact Partners, Prelude Ventures, and iRobot. This latest infusion of funding brings Sense’s total to-date raise to just south of $157 million.
The company says the round will go toward bringing its technology to more homes and expanding its international reach to include Europe and Asia.
CEO Mike Phillips’ Vision
"This funding allows us to work with our key strategic partners to bring Sense intelligence into millions of homes," CEO Mike Phillips says in a release. "By making the core systems of homes intelligent, and by engaging consumers, Sense will play a key role in the energy transition and accelerate the drive to greater efficiencies and electrification in homes."
How Sense Works
On a basic level, the company’s offering is pretty straightforward: offering homeowners better insight into their energy usage levels, so they can adjust accordingly. The tech, which relies on AI/ML, works with smart meters from companies like Landis+Gyr and Schneider Electric.
The firm is banking on new construction to build the technology directly into homes, offering software updates to help keep things up to date for hardware that’s designed to outlast your average consumer electronic. It also integrates with things like solar panels, batteries, and generators.
Expanding Reach
Sense plans to use the new funding to expand its international presence to include Europe and Asia. The company’s technology is already available in several countries, but this latest funding round will enable it to reach a much broader audience.
The Future of Home Energy Monitoring
As energy prices continue to soar, homeowners are looking for ways to reduce their bills. Sense’s technology offers a solution by providing real-time insights into energy usage levels. By making homes more intelligent and efficient, Sense is playing a key role in the transition to cleaner energy sources.
Sense’s technology has the potential to make a significant impact on reducing carbon emissions and improving energy efficiency. With its expanding reach and innovative technology, Sense is well-positioned to become a leader in the clean tech industry.
Investors and Partners
The $105 million funding round was led by Blue Earth Capital, with Telus Ventures and MCJ Collective also participating. Existing investors Schneider Electric, Energy Impact Partners, Prelude Ventures, and iRobot also contributed to the round.
Sense has established partnerships with several key players in the energy sector, including Landis+Gyr and Schneider Electric. These partnerships will enable Sense to expand its reach and bring its technology to more homes around the world.
Conclusion
Sense’s latest funding round is a testament to the growing demand for clean tech solutions. As the world continues to transition to cleaner energy sources, companies like Sense are playing a key role in driving innovation and reducing carbon emissions.
With its expanding reach and innovative technology, Sense is well-positioned to become a leader in the clean tech industry. By providing homeowners with real-time insights into their energy usage levels, Sense is helping to make homes more intelligent and efficient.
As we move forward, it’s essential to continue investing in clean tech solutions like Sense. With its potential to reduce carbon emissions and improve energy efficiency, Sense is an exciting company that’s worth keeping an eye on.
Frequently Asked Questions
- What does Sense do?
Sense provides homeowners with real-time insights into their energy usage levels, enabling them to adjust accordingly. - How does Sense work?
The tech relies on AI/ML and works with smart meters from companies like Landis+Gyr and Schneider Electric. - What is the total amount of funding raised by Sense to-date?
$157 million - Who led the latest funding round for Sense?
Blue Earth Capital
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If you have any questions or would like more information about Sense and its technology, please don’t hesitate to contact us.
