Home energy monitor PowerX secures US$ 4 million in seed round

New York based startup PowerX announced on 23rd April 2021 that it has raised US$ 4 million in its seed funding round. The round was led by Spring Tide Capital along with participation from Y Combinator and Antler.

Investor: Spring Tide Capital is a New York based venture capital firm that was founded in 2018 by Zander Rafael. It is a relatively new firm in the venture capital landscape that invests in different stages of budding startups and private companies.

“Manu is a founder who is not only deeply motivated by his company’s mission but also demonstrates a rare combination of analytical rigour and scrappiness. When I met him he was hand-soldering dozens of pilot PowerX units in his garage. This combination has led to an exceptional product. It’s effectively a money-printing machine for homeowners that also reduces their carbon emissions. In a few years, PowerX units will be a ubiquitous feature of people’s homes.”—  Zander Rafael, managing director at Spring Tide Capital.

Purpose of investment: The funds from the current round will help PowerX expedite its product development, add more talent to its team of engineers, data scientists and marketers and help it reach an installed base of 10,000 homes.

About PowerX:

Who would have thought that saving the environment and saving costs could go hand-in-hand? PowerX was founded in 2020 by Manuel Schönfeld to do exactly that. It essentially provides customers with a unified view of their homes’ power, energy and water usage enabling them to save both energy and costs. It describes its mission as combating climate change by making it easy for any person to join the movement.

PowerX integrates its easy to use devices with home appliances and gives real-time information regarding power, water and energy usage. It enables customers to figure out how much each appliance’s energy usage is costing them, gives customers intelligent recommendations via its app to save energy and helps families reduce their carbon footprint on the planet.

Its residential case study shows that customers were able to save an average of 12% on their utilities with savings reaching up to 40% in water usage and water heating expenses.

What the CEO has to say:

“We created PowerX to put money back in homeowners’ pockets while reducing their carbon emissions. All without compromising at-home comfort or requiring major lifestyle changes. A win-win for consumers and the planet”—Manuel Schönfeld, founder and CEO of PowerX.

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