CAMBRIDGE, Mass., Sept. 14, 2022 /PRNewswire/ -- Sense, the leader in real-time home energy intelligence, announced the close of $127.6 million in Series C financing with Volery Capital Partners joining Blue Earth Capital, TELUS Ventures, MCJ Collective, Schneider Electric, Energy Impact Partners, Prelude Ventures, iRobot and others.
This investment brings Sense's funding to date to $179.6 million USD and allows the company to accelerate on its path to broad consumer adoption in partnership with smart home innovators, utilities, insurers, and the construction industry. Sense will also expand its global footprint to Europe, Asia Pacific and other regions.
Led by pioneers in machine learning who commercialized voice recognition technology in hundreds of millions of mobile phones, Sense's mission is to reduce global carbon emissions by making homes smarter and more efficient. Sense provides engaging consumer applications that give people real-time insights into how energy is used in their homes so they can save money, make their homes more reliable and avoid household disasters.
For instance, the Sense app can reveal hidden electrical issues such as floating neutrals and arcs in home electrical wiring, appliance failures that could lead to electrical fires, water heaters that run continuously, or broken pumps. With this knowledge, Sense can help consumers, utilities, and insurers reduce risk.
Through go-to-market partnerships, Sense has been integrated into smart meters from Landis+Gyr and smart electrical panels from Schneider Electric. These partnerships are expected to lead to a scaled rollout of Sense intelligence into millions of homes, where it will enable automated energy savings, reduce carbon emissions, and contribute to the grid's flexibility.
Said Sense CEO Mike Phillips: "A decarbonized, digitized grid and the electrification of homes and vehicles is the most viable path to reducing the carbon impact of homes and transportation. As the world moves toward this reality, consumers will play a crucial role in this energy transition. With Sense intelligence built into millions of homes, we'll help people and the grid evolve to address climate change."
Manny Citron, Managing Partner of Volery Capital, said, "We believe Sense's technology is significantly differentiated and has the potential to be an essential building block of the energy transition, providing a critical enablement layer of data for use cases including energy efficiency, automated and behavioral demand response, grid analytics, insurance risk management and home energy audits. We look forward to working with Mike and the Sense team to help them execute on the opportunity."
Sense's mission is to reduce global carbon emissions by making homes smarter and more efficient. We empower people to care for their homes and families while contributing to a cleaner, more resilient future. Founded in 2013 by pioneers in speech recognition, Sense uses machine learning technology to provide real-time insights on device behavior, even for those devices that are not "smart." Customers rely on Sense for a wide range of uses including monitoring their home appliances, determining whether they left appliances running and identifying how to reduce their energy costs. Sense is headquartered in Cambridge, Mass. To make sense of your energy, visit: https://sense.com.
Citigroup Global Markets, Inc., has served as the company's exclusive financial advisor for the entire Series C round.
Volery Capital Partners is a growth-stage private equity firm that invests in companies addressing climate change or economic inclusion. Volery's portfolio includes financial services and technology companies that are thematically focused within energy transition, resource efficiency, and financial inclusion and well-being. For more information, visit www.volerycapital.com.