Investors see Sense with $10m more funding
August 7, 2019
Another $10m has been added to Massachusetts-based energy monitoring company Sense’s B round with investments from MacKinnon Bennett (MKB) and IDO Investments, along with previous investors.
Sense’s intelligent home energy monitor provides real-time insights into energy and device activity in the home. The new investors join energy technology companies Schneider Electric and Landis & Gyr to bring the total B round investment to $30m. Sense's total funding now stands at $50m.
Founded in 2013 by pioneers in speech recognition, Sense uses machine learning to provide real-time insights on device behaviour, even for devices that are not smart. Sense has a wide range of uses including checking what time kids get home, monitoring home appliances, determining whether appliances have been left running or doors open, and identifying how to reduce energy costs.
Sense's earlier investors, which include Shell Ventures, Energy Impact Partners, Prelude Ventures, Capricorn Investment Group and iRobot, all participated in the B round, which had a first close in October 2018.
"These additional investments from MKB and IDO Investments reflect our shared vision of a smart, energy-aware home,” said CEO Mike Phillips. “From the company's founding, we envisioned a future when homes would share information about themselves with their owners, who could make better decisions about how to live in today's world. Our investors share this vision and are helping us create a powerful ecosystem that will accelerate Sense's market growth."
Investor Schneider Electric has integrated Sense technology into its Wiser Energy System by Square D, and Landis & Gyr has announced plans to add the Sense app to its next smart meter platform. Sense also partners with Dividend Finance in the solar market and has signed on more than 200 solar installer partners.
Investor MKB is an independent Montreal-based private investment firm that provides growth capital to companies at the forefront of innovation in the energy, transportation and smart city sectors.
"Sense enables consumers to better understand their home energy use so they can reduce energy consumption and make more informed decisions about their increasingly smart and connected home," said Ken MacKinnon, managing partner at MKB. “MKB is delighted to support Sense as it forges a new era of consumer energy awareness and action.”
IDO Investments is the Sultanate of Oman's first strategic venture capital firm. The firm typically invests in established international and local companies.
"At IDO Investments we strive to partner with companies that pioneer innovative technologies,” said Philip Boigner, CEO of IDO Investments. “Energy efficiency and demand response are constantly gaining importance globally, and we see Sense Labs playing an important role in the energy space. 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 to Oman and the region."
This year, CB Insights ranked Sense among the top 100 most promising private artificial intelligence companies in the world, featuring Sense in its third annual AI 100 round-up. Sense was also chosen as a 2019 Red Herring Top 100 North America winner.