Utrecht, Netherlands-based Sensorfact, a startup that offers an Intelligent Energy Management System (IEMS) to help industrial companies reduce their energy consumption, announced on Friday that it has raised €13M in a fresh round of funding.
The round saw participation from existing investors FORWARD.one and Korys – the investment company set up by the Belgian business family Colruyt. And now, SET Ventures has also joined in which is known for its focus on the energy transition.
Prior to this, in March 2021, Sensorfact raised €3.7M from Korys, the investment holding company of the Colruyt family; venture capital fund FORWARD.one, a current major shareholder; and EIT InnoEnergy.
To create a smart and sustainable industry
Founded in 2016 by Massimo Coduti, Pieter Broekema, and Sjoerd Sloterdijk, Sensorfact offers an Intelligent Energy Management System (IEMS) to provide an easy and affordable solution for industrial SMEs to reduce their energy consumption.
The platform offers wireless, non-invasive energy sensors that are easy to install. With this plug-and-play hardware and software, industrial SMEs can easily access and monitor their energy consumption in detail, reduce it with targeted actions, and integrate it into increasingly strict energy reports.
The company’s web-based analytics platform provides real-time insights into energy usage on a machine level. Whereas Sensorfact’s smart algorithms detect energy anomalies and other energy-saving opportunities that are presented in a tailor-made report.
The company claims to help organisations in the manufacturing industry save up to 15 per cent on energy bills with intelligent energy management and energy-saving advice. Currently, Sensorfact has more than 600 customers in more than 25 countries in Europe: mainly in the Netherlands, Italy, Belgium, and Germany.
The proceeds from this round will be used by the company for further product development and for expansion into the DACH region (Germany, Austria, and Switzerland). An office in Berlin was opened this year to facilitate this growth area.
Besides measuring electricity, gas, and water, Sensorfact is also planning to expand to steam and temperature sensors and vibration sensors for predictive maintenance. This will give customers an increasingly comprehensive picture of their energy consumption.
EU aims to eliminate industrial energy waste
Putting energy efficiency first is a key objective of the EU, as energy savings are the easiest way to reduce greenhouse gas emissions. In July last year, the European Commission presented the ‘fit for 55’ package, which aims to achieve a CO2 reduction of 55 per cent in 2030 compared to levels in 1990.
As a result, companies have to deal with increasingly strict regulations. Energy prices have also risen sharply in the past year, reaching a record high last December. CEO Pieter Broekema says, “With our technology, companies can kill these two birds with one stone.”
Broekema adds, “Companies often lack proper insight into their energy consumption, which is necessary to reduce consumption and thus comply with regulations. We start by supplying our measuring equipment, which customers can easily install themselves, and which provides insight into the data. Our industry-specific algorithms then help identify energy savings. These findings are complemented by our energy experts, who help with implementation.”
As of now, the company has achieved savings of around 100 GWh. This is equivalent to the annual energy consumption of more than 30,000 households. Broekema says, “We want to become the largest service provider in industrial energy management. With over 370,000 European SMEs, the market is huge.”