I assumed there was some sort of typo the last time I checked my energy bill. 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, if you can manage to cut a few ConEd bills along the way, that’s 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, of late. Thankfully, everyone’s looking to get in on the clean tech action for the long term. In the meantime, us regular folks could us some relief on monthly utilities.
The company just announced a massive $105 million raise, led by Blue Earth Captial. Telus Ventures and MCJ Capital 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.
“This funding allows us to work with our key strategic partners to bring Sense intelligence into millions of home,” 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.”
On a basic level, the company’s offering is pretty straightforward: offering home owners 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.
