Watty receives €1M in funding to eliminate energy waste in homes, wins Zennström energy tech award
Watty, a Swedish energy data startup, has secured 1 million euro in funding to bring its solution for home energy management to the market. The investment comes from business angels, the Finnish energy technology fund Cleantech Invest and the Swedish Energy Agency. Watty also recently won Niklas Zennström’s award for energy technology and will join Zennström’s mentorship program.
Watty’s goal is to eliminate unnecessary energy use in all the world’s homes and buildings. Everybody needs to be able to understand what is causing energy waste in their homes and what they can to do about it. Watty’s product makes this remarkably easy by breaking down the home’s energy use into appliance categories like heaters, washing machine, stove – all achieved by using just a single device plugged onto the electricity meter. With this appliance breakdown, Watty can pinpoint the smartest way to save energy for each family.
Watty’s technology is based on research conducted at the Royal Institute of Technology (KTH) focused on identifying individual appliances in the aggregate data of the electricity meter – a technology that is similar to that used in voice recognition. By using this technology there is no longer a need for individual hardware plugs for each appliance, which makes the solution low-cost, easy to use and very scalable.
− More energy is wasted in our homes than in all other sectors of our society – combined! Making homes energy-smart is one of the best things we can do to mitigate climate change. Watty has developed the first product that makes it very easy and convenient for users to reclaim the control over their energy bills. In a few years, these types of services will be a given for every home, says Hjalmar Nilsonne, founder and CEO at Watty.
Alexander Lidgren, Managing Director of Cleantech Invest joins the Watty board of directors.
− Watty has a low barrier for acquiring new customers and makes a lot of sense for those who want to cut their electricity bill. It’s simply a cool product. But what matters even more is that there is an incredible team behind it. They have the skills, the drive and they have fun while doing it. It is one of the most exciting opportunities I have seen in this space over the last few years,” says Alexander Lindgren.
The investors are not alone in believing in Watty. In December, Watty received Niklas Zennström’s Green Mentorship Award and will be in his mentoring program during 2015.
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