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Electricity optimiser PowerX closes US$4m seed round, including investments from SpaceX and Tesla

AI company PowerX, which uses AI to optimise home-owner’s electricity, gas and water usage announced a $4 million investment from SpringTide Capital, Antler Global, and senior executives from Tesla and SpaceX.

The announcement reads:

PowerX, a tech startup on a mission to prove that saving the environment and saving money can go hand in hand, today announced a $4 million investment from SpringTide Capital, Antler Global, and senior executives from Tesla and SpaceX. Spring Tide Capital led the round, joining Antler US and Y Combinator who previously invested in PowerX.

The capital will accelerate product development and build a world-class team of engineers, marketers, and data scientists, helping PowerX reach an installed base of 10,000 homes.

The investment arrives following a highly successful pilot in New England where several dozen homeowners saved on average $1,000 on their utility bills after installing PowerX.

“We created PowerX to put money back in homeowners’ pockets while reducing their carbon emissions. All without compromising at-home comfort or requiring major lifestyle changes. A win-win for consumers and the planet,” said Manuel Schönfeld, founder and CEO of PowerX. “We’re thrilled to align with a phenomenal group of investors who share our vision. The added capital and strategic guidance will accelerate our plans to install PowerX in thousands of homes.”

PowerX has built a complete, multi-sensor suite of solutions that reveal the full story of a home’s electricity, gas, and water usage. The PowerX suite leverages advanced AI to optimise a home’s utilities, automatically lowering energy costs. For the first time, homeowners are empowered with detailed information down to the appliance level giving them complete control to further reduce their usage and carbon output.

“Manu is a founder who is not only deeply motivated by his company’s mission but also demonstrates a rare combination of analytical rigor and scrappiness. When I met him he was hand-soldering dozens of pilot PowerX units in his garage,” said Zander Rafael, Managing Director, Spring Tide Capital.

“This combination has led to an exceptional product. It’s effectively a money-printing machine for homeowners that also reduces their carbon emissions. In a few years, PowerX units will be a ubiquitous feature of people’s homes.”

PowerX suite of products available at launch include:

  • PowerX Heat: a plug-and-play sensor that learns the hot water usage patterns of homes, and optimises the water heater to heat only as much water as needed when needed – drastically cutting carbon emissions and saving money.
  • PowerX Electricity: this smart monitoring sensor installs inside the electrical panel and analyzes a home’s electricity use, and saves homeowners money. The device gets to know every appliance’s electrical signature and analyzes its power draw in real-time. The technology is so smart, it can remind users to turn off/unplug forgotten devices and even alert them to replace broken ones.
  • PowerX Water: Simply clamping this small sensor to a home’s water main allows it to monitor water usage throughout the home. The device utilises AI to identify what areas of the property or fixtures are wasting water. Additionally, PowerX Water can alert homeowners of leaks and help them find their location, mitigating potential disaster.

“We’ve been fortunate to work closely with Manu as he’s developed PowerX. From day one, we’ve believed he is the right founder to develop this cutting-edge technology that leverages the advances in IoT sensors and AI and has the capacity to fundamentally shift residential and commercial markets,” said Navi Singh, Head of Technology at Antler.

“With this follow-on investment, we’re excited to continue supporting PowerX as it brings its solutions to market to help people save money and reduce their carbon footprint while doing so.”

PowerX also recently concluded a highly successful crowdfunding campaign to build a community of early adopters and fund the first production run. The campaign beat its goal in a matter of days, became a top-rated technology product on Kickstarter, and raised over 10x its funding goal.

PowerX products for homeowners are scheduled to begin shipping later this year. The company also offers enterprise solutions designed to help large building owners and operators understand and quickly take action against their carbon emissions and high energy and water cost.

For more information about PowerX, visit  www.powerx.co

Source: PR Newswire

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