Real-time energy-sensing devices raised $105 million by a startup
SSense, an energy startup that offers homeowners real-time energy use monitoring, has raised $105 million in a Series C investment round. The funding will be used to develop its new product offering, integrating its energy-sensing technology into smart meters and electrical panels to create a holistic home system.
The latest round, led by Blue Earth Capital, brings Sense’s funding to date to nearly $157 million. New investors included TELUS Ventures and MCJ Collective, alongside previous investors Schneider Electric, Energy Impact Partners, Prelude Ventures, and iRobot.
The group entered the energy monitoring market with its Sense device that can monitor and identify energy use from different home appliances such as air conditioners, refrigerators, and pool pumps.
“We founded Sense with the mission to impact climate change,” said CEO Mike Phillips. “We’ve always known that the fastest path to mass market adoption is to get our core technology built into the infrastructure of homes. This funding allows us to work with our key strategic partners to bring a Sense of intelligence into millions of homes.
“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,” he added.
With the latest investment round, Sense hopes to increase its collaboration with partners such as smart-meter maker Landis+Gyr and electrical equipment manufacturer Schneider Electric, which are helping to combine Sense’s technology into smart meters and electrical panels, therefore allowing the tech to be deployed at scale.
“We have seen Smart Home technology move from a convenience to a practical tool as homeowners prioritize sustainability and resilience in their homes and seek out actionable information around their energy use,” said Michael Mahan, senior vice president of Schneider electric home & distribution North America. “Working with Sense to integrate energy intelligence into our Square D Energy Center platform allows us to provide homeowners with grid-to-plug insight into their home energy and control of that energy – whether from the grid, solar, battery, or other sources – conveniently from their smartphone.”
Sense also has plans to expand its operations, with sights set on Europe and the Asia Pacific region.