Reading's measurable.energy complete's £4.5m investment round
Reading-based tech company measurable.energy has completed a £4.5 million Series A funding round led by clean-tech focused venture capital firm Clean Growth Fund (CGF).
Clean Growth Fund invested £2.5 million, and were joined by a range of other investors including Vectr7 Investment Partners LLP, RO Capital Partners (ROCP), and MMC Ventures. The investment will fund research and development along with the recruitment of specialist staff.
measurable.energy designs and manufactures smart power sockets which use machine learning to reduce the energy costs of commercial buildings by eliminating Small Power waste - energy used by plugged-in or directly wired electronics when they are not in use, which the firm claims can be up to 40 per cent of a commercial office building’s use.
Through identifying devices which are plugged in and monitoring the energy they are using, reporting this data back and automatically turning them off and on as needed, the company hopes to remove more than c1million tonnes of CO₂e from the global built environment over the next 10 years.
Further, the sockets include a lighting system which indicate the real-time carbon intensity of the national grid, enabling customers to wait for a greener energy supply.
Dan Williams, CEO and co-founder of measurable.energy said: “Our technology offers a simple solution for office occupiers who are under pressure to take action and cut energy costs and reduce emissions. Our solution can pay back financially within two years and allows business customers to reduce their electricity bills by at least 20%.”
“With the welcome support of Clean Growth Fund, and our other new investors, we are in a stronger position to accelerate our commercial sales in the UK and global markets, as well as plan our entry into the residential market.”
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Jonathan Tudor, Investment Partner at Clean Growth Fund: “The combination of measurable.energy’s hardware and machine-learning is delivering spectacular results – energy saving, carbon saving and commercial sales. Dan, Josh and their team are exceeding their own expectations for demand for their products and we share their excitement for the future.
“With office occupiers needing to cut energy costs and become more sustainable, the purchase of a measurable.energy product is an easy one for facilities managers, building owners and occupants to make.”
Mary Criebardis Singh, Founder & Managing Partner, Vectr7 Investment Partners LLP, added: “measurable.energy’s purpose is to deliver profound social and environmental change. Their unique solution eliminates wasted energy in buildings which will enable the real estate industry to reduce emissions and accelerate towards net-zero.
“With elevated energy prices, their platform tackles fuel poverty and helps small businesses and households as they manage their energy costs. Overall, this aligns perfectly with our thesis for high impact. The founders’ backgrounds are a perfect combination of machine learning, technology and sustainability and we are excited to partner with them on their journey.”
Edward Rowlandson, Group Managing Director of RO, said: “We own a diversified portfolio of commercial properties and as a landlord, measurable.energy’s solution was immediately attractive to us. Initially as an early customer of the business, we are now delighted to have invested in measurable.energy, for two important reasons: firstly, we are all facing alarmingly high costs of energy, and secondly we are acutely aware of the need to reduce energy use from an environmental perspective. measurable.energy’s solution is a step in the right direction on both of these fronts.
“Given these twin factors we are very excited about the prospects for the business and look forward to working with Dan and his team, to both use and help market the product more widely.”
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Featured image credit: measurable.energy
