Wattwatchers, a global digital energy startup based in Australia, raised USD 5.3 million in the Series B round led by Kilara Capital’s new Growth Fund on 27 September 2021.
Investors: Kilara Capital’s new Growth Fund led the latest round of funding with participation from existing investor Clean Energy Finance Corporation (CEFC).
The Objectives behind the funding: The company plans to deploy the current proceeds to support the platform’s expansion into new areas, including smart home integration, certified metering and self-installed solar monitoring. Wattwatchers continue to develop innovative solutions to deliver real-time data on energy usage.
Founded in 2007 by Chris Bean and Jon Keeble, alongside a founding group that also included Murray Hogarth and the late Paul Wiszniak, Wattwatchers is Australia’s leading digital energy platform, enabling fast, robust and scalable solutions to monitor, analyse and control electrical circuits in real-time – maximising the benefits from renewable energy. Its solutions suite spans devices, datasets, analytics, software and Internet of Things (IoT) connectivity for energy and non-energy applications across home, community, commercial and industrial, and utility use cases. The company’s open business model facilitates third-party technology collaborations. Product brands include Wattwatchers (hardware and data to the cloud), mydata.energy (mobile app) and ADEPT (agile IoT platform for managing multi-technology fleets in real-time). The startup’s multi-year projects include My Energy Marketplace and MyTown Microgrid.
What the Founder has to say:
Wattwatchers CEO Gavin Dietz said, “We are positioned to become the absolute leader in energy technology both here in Australia and globally – especially with focused energy incentives in the UK, EU and USA. Having energy data helps households to save on electricity costs in multiple ways and quickly adds up to hundreds of dollars a year. The typical three-bedroom freestanding home can save hundreds of dollars each year just by shifting their energy use and energy waste through the use of data. Nearly a quarter of Australian homes have rooftop solar. These homes are in a great position to use data to boost the return on their investment in a renewable generation – with savings of $500-$1000 a year through cutting waste, getting on the best plan, and above all, optimising electricity use to maximise self-consumption of their own free-from-the-sun electrons. The greatest value of having your own energy data is the optimisation for an all-electric future. The ability to leverage demand management programs and incentives as well as optimising home batteries will pretty much make your home a virtual power plant.”
What the Investors have to say:
Ben Krasnostein, Managing Director of Kilara Capital, said, “With the world rapidly moving on from large-scale thermal generation and one-way distribution of electricity to large-scale renewables, smaller-scale distributed generation and electrification of mobility, the investment from Kilara has come at an important time for Wattwatchers. Wattwatchers has proved itself as an enduring and growing smart energy company in Australia – and globally. Our investment will take it to the next level as we seek to generate an excellent financial return but also contribute significantly to the decarbonisation of the electricity grid. Taking on key investments in companies which can make a significant scaleable impact in the energy transition is exactly the space Kilara operates in.”
CEFC, Innovation Fund Executive Director Ben Gust, said, “The Innovation Fund was proud to be an early investor in Wattwatchers, and we are delighted to see this exciting company continue to grow and attract additional investor support. The funds raised in this round will support the expansion of the platform into new areas, including smart home integration, certified metering and self-installed solar monitoring. Wattwatchers is continuing to develop innovative solutions to deliver real-time data on energy usage, important work which will further empower Australian households and businesses to manage their energy usage.”
Australia aims to reduce GHG emissions to 26-28% below 2005 levels in 2030. Households are turning diverse both in terms of the technology they have and how they use it to manage their energy, i.e. the timing and level of energy use are also more diverse. It’s also apparent that the ways the industry expects consumers will use technology are not certainly borne out in practice. A better grasp of consumer behaviour means we can identify more effective ways to design new energy services and markets that meet consumers’ requirements, helping us achieve a modern, flexible and affordable system that brings energy to households when and how they want it. Wattwatchers technology plays a crucial role in enabling smart homes and the use of distributed energy resources.
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