Swedish company Eliq AB have today announced that they’ve raised $.5m in seed funding from the Swedish CBC Investment Group. The new investment will be used to increase the sales and marketing efforts, with them primarily aiming at utility companies in Europe.
Eliq’s offerings include allowing home owners better control of their consumption and they empower third party Smart Home systems with their energy optimization technology.
CEO and Co-Founder Håkan Ludvigson said that, “There is increasing awareness amongst home owners of the opportunity to stop wasting electricity by simply visualizing energy consumption in real-time on their smart phone, comparing usage with similar households, alerting energy-leakages and giving practical advice on how to reduce their monthly electricity bill substantially. At the same time, we are seeing a lot of interest from the electricity companies themselves to offer smart energy home systems directly to their customers as an over-the-top (OTT) service. The energy utilities’ motivation is to develop a new level of trust and relationship in a competitive market where electricity companies today compete on price only. Churn is a major problem in deregulated markets where there is almost no loyalty to any one electricity provider”.
Karl Xavier added that CBC Investment Group says: “We were impressed by Eliq’s team and their proven easy-to-use solution that installs in minutes and immediately provides value to the home owner. We believe that Eliq is well positioned in the fast growing Internet of Things (IoT) market and specifically the connected smart home industry with its core competence in energy sustainability. We also believe that the electricity utility industry is a natural channel partner for Eliq to drive the adoption of the smart energy home. Utilities across the world are quickly converting from analog to digital smart meters and have a big opportunity to not just empower their customers with more granular energy intelligence, but also use the big-data analysis provided by Eliq to balance demand with response. We are excited to be part of Eliq’s continued growth as the leading intelligent technology company in this globally expanding market”.