London-based EnergyTech startup Voltaware has secured €2.8 million in a funding round led by BP Ventures. About €1.7 million were invested by BP Ventures, while the rest of the fresh capital came First Imagine! Ventures and Contrarian Ventures.
Founded in 2014, Voltaware’s innovative energy monitor offers businesses the ability to track their energy demand in detail, down to individual appliances.
BP Alternative Energy is exploring the impact that digitisation will have on the energy sector and how innovative technology will shape the way that energy is consumed and managed, both by businesses and individuals. Sensors such as those provided by Voltaware are one example of these emerging digitally-enabled innovations.
Voltaware has developed an internet-enabled energy monitoring device that allows business and residential users to track and optimize their energy consumption, breaking the data down to demand from individual appliances, and manage their electricity use. It also gives businesses the chance to proactively track the performance of individual machinery, so allowing them to run their businesses more efficiently and provide preventative maintenance on appliances showing abnormal energy usage levels. The data can be checked and analysed in real-time on a single device using the associated app.
Sergey Ogorodnov, Founder and CEO of Voltaware, stated: “Modern utilities and businesses are looking at harnessing the power of electricity data as a key driver for their digital transformation strategy. By utilising the power of Voltaware’s electricity data intelligence, businesses can achieve a sustainable competitive edge for their customers. The €2.8 million invested by BP Ventures, First Imagine! Ventures and Contrarian Ventures, will help us focus on our AI and data science capabilities and speed up our growth.”