Energyworx is a SaaS platform that provides cloud-based energy data management (EDM) and energy intelligence solutions. Today, the company announced that it has raised €5.1M in a fresh round of funding.
The funding amount came from Eneco Ventures, the investment arm of Netherlands-based energy innovator, Eneco.
Eneco consists of a group of companies active internationally in the field of renewable energy and innovation. It invests in wind farms, biomass plants, heat and solar parks to increase the supply of renewable energy. Moreover, they also develop products and services on how to generate, store, use or share energy.
Besides, the current round also saw participation from existing investors including SET Ventures, ENGIE New Ventures, and EDP Ventures.
How will the funds be utilised?
The raised capital will help the company to scale its platform and accelerate international expansion.
Speaking about Eneco, Marcel E. Smit, CEO of Energyworx, says, “Eneco is known for being extremely innovative and very focused on a sustainable world. Everything we do is designed to accelerate the world’s transition to clean energy. Eneco Ventures’ knowledge and network will be a boost for Energyworx’ global ambition to support utilities all over the world with technology innovation that helps them navigate and accelerate the energy transition.”
Pain-point of the industry
According to Energyworx, the growth in the volume of data, insufficient quality of data, and expanding data silos have been creating obstacles for global utilities as the world transitions to decentralised low-carbon energy.
Hundreds of billions of data points from smart meters, IoT devices, EV chargers, solar panels and more, are generating high-frequency data and utility companies are struggling to keep up on their data. The amount of generated data utilities are almost tens of thousands of times more than what it was a few years ago, and it continues to expand.
This is where Energyworx wants to make a difference. The company claims that it is the only Energy Data Management (EDM) solution provider that serves both energy retailers and grid operators with a release cycle of just a few weeks. Current solutions focus either on energy data management or grid management, with release cycles typically nine months or longer.
Digital platform to manage energy transition
Energyworx is based in Houten, The Netherlands and Houston, Texas, USA. It provides businesses and households with insight regarding consumption, which helps in creating more efficiency. For businesses, it helps unlock insights in their granular supply, demand, and contextual energy data sets.
Additionally, the company also enables users to actively control their energy consumption as well as make live changes in the energy usage.
Energyworx’s platform powers a variety of cloud-based, utility specific applications to understand and predict customer consumption patterns. The company claims that for three consecutive years, it has been the only vendor in Gartner’s Magic Quadrant for Meter Data Management.
Besides EDM, the platform also has several other solutions such as Cloud Meter Data Management, Load Forecasting, Predictive Maintenance, and Energy Deal Analytics.
Supporting flexibility trading and demand response management with more precise data management, means that renewable energy can be balanced much easier within existing networks.
Responding to shifting market demands
Robert Blom, Senior Investment Manager at Eneco Ventures believes, “Energy companies worldwide face a great challenge. As the world moves away from fossil fuels to renewables, we shift to a more intermittent electricity supply. Consumers’ electricity demand will increase as they become prosumers due to the adoption of residential solar and electric vehicles. These trends are leading to an increased volatility in supply and demand, and the competitiveness of a utility will depend on its ability to manage this volatility. Managing and using large amounts of real-time data will be one of the key drivers to stay ahead of the curve.”