MaRS Cleantech Fund invests in CircuitMeter's low-cost energy metering solution
TORONTO, Feb. 6, 2013 /PRNewswire/ - The MaRS Cleantech Fund is pleased to announce the completion of a venture deal with CircuitMeter Inc., which offers a low-cost, circuit-by-circuit metering solution for commercial buildings to monitor and reduce energy costs.
CircuitMeter builds cloud-based electrical metering systems for commercial buildings. At one-tenth the cost per circuit of competing technologies, building managers and energy service firms can monitor all energy flows in real time, with intelligent data analytics providing added value.
"We believe the global demand for low-cost, accurate metering solutions is enormous, as buildings account for nearly half of global energy use," says Murray McCaig, co-managing director of the Fund. "Our intention is to provide enough capital for CircuitMeter to become a global player in the energy data space."
Dan Seto, CEO of CircuitMeter, says buildings' energy use can be challenging to quantify. "Commercial buildings are mostly a black box when it comes to energy use," Seto says. "If you can't measure it, you can't change it. We bring granularity and analytics to the market at an affordable cost, enabling facility managers to make the right decisions about managing their energy costs."
Tom Rand, co-managing director of the Fund, is also the co-developer of Planet Traveler, North America's lowest-carbon hotel. "When we built Planet Traveler, I looked extensively for a low-cost metering solution. I couldn't find one," says Rand. "When I came across CircuitMeter, it became immediately obvious that they were onto something. These guys have figured out how to bring real visibility to a building's energy use."
Michael Ordanis, CTO of CircuitMeter, says its competitive price point is only part of the company's value proposition. "Our cloud-based solution lets us do all kinds of valuable analytics, like comparing equipment across an entire portfolio, or issuing alarms when something drifts off spec," he says. "We provide intelligent data that enables portfolio managers to see what's really happening."
The investment in CircuitMeter is the MaRS Cleantech Fund's fourth deal since its inception in March 2011. The Fund was the lead investor in the financing, which also included Robert Macintosh, co-founder of the Pembina Institute.
About the MaRS Cleantech Fund LP
The MaRS Cleantech Fund LP (www.marsvf.com) is a $30 million private venture fund focused on early-stage cleantech investing, with a unique partnership with MaRS Discovery District. The Fund invests up to $3 million per investee company. All investee companies are MaRS portfolio clients. The fund is managed by Tom Rand (firstname.lastname@example.org) (@tomrand) and Murray McCaig (email@example.com) (@murraymccaig).
CircuitMeter (www.circuitmeter.com) produces low-cost electrical metering systems for commercial buildings that measure and track energy use circuit-by-circuit. Cloud-based analytics provide historical and real-time analysis, identifying energy drift from standard operation and fault notifications.
MaRS Discovery District (www.marsdd.com) (@MaRSDD) is a mission-driven innovation centre located in Toronto. MaRS works with partners to catalyze, accelerate and amplify innovation. MaRS supports entrepreneurs building Canada's next generation of growth companies.
SOURCE MaRS Cleantech Fund