The investment in Sense (Cambridge, Mass.), includes previous investors Prelude Ventures, Capricorn Investment Group, Shell Ventures, Energy Impact Partners and iRobot. This brings Sense’s funding to $38.6m.
The Sense system can check what time their kids get home, monitoring their home appliances, determining whether they left appliances running, and identifying how to reduce their energy costs. The patented machine learning technology measures power one million times per second, identifying devices in the home based on their electrical signals and providing homeowners with insights on individual device behaviour.
“We’ve always believed that the Sense functionality should eventually be available in all homes and that this will only happen once it becomes a core part of the infrastructure. Schneider is a key provider of energy infrastructure across the world and we hope to find ways to work together to make smarter energy systems a default part of future buildings,” said Mike Phillips, CEO of Sense.
“Consumer demand for connected home technology is on the rise, and smart energy is a big piece of that,” said Kevin Self, SVP Strategy, Business Development & Government Affairs at Schneider Electric. “Schneider Electric is an active participant in energy transformation and believes this transition rests with everyone. Sense understands this and has developed a highly engaging, easy-to-use technology that empowers consumers to take control of their energy future.”
The funding allows Sense to build a broader set of partnerships that includes home construction, energy providers, and smart home innovators.
According to Navigant Research, consumer technology and services for home energy management is expected to grow from almost $2.3bn in 2016 to $7.8bn in 2025 and a key component of the connected smart home.