Sense Closes $18M Series B with Schneider Electric as Lead Investor

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Oct 05, 2018, 08:00 ET

CAMBRIDGE, Mass., Oct. 5, 2018 /PRNewswire/ -- Sense, whose intelligent home energy monitor provides real-time insights into energy and device activity in the home, announced the close of an $18M Series B financing led by Schneider Electric, along with previous investors Prelude Ventures, Capricorn Investment Group, Shell Ventures, Energy Impact Partners, and iRobot. This brings Sense's funding to date to $38.6M.

Sense's mission is to keep homeowners informed about what's happening in their homes; helping them make their homes safer, more efficient and more reliable. Customers rely on Sense for a wide range of uses including checking what time their kids get home, monitoring their home appliances, determining whether they left appliances running, and identifying how to reduce their energy costs. Sense's patented machine learning technology measures power one million times per second, identifying devices in the home based on their electrical signals and providing homeowners with insights on individual device behavior.

Said Sense CEO Mike Phillips, "We've always believed that the Sense functionality should eventually be available in all homes and that this will only happen once it becomes a core part of the infrastructure. Schneider is a key provider of energy infrastructure across the world and we hope to find ways to work together to make smarter energy systems a default part of future buildings."

"Consumer demand for connected home technology is on the rise, and smart energy is a big piece of that," said Kevin Self, SVP Strategy, Business Development & Government Affairs at Schneider Electric. "Schneider Electric is an active participant in energy transformation and believes this transition rests with everyone. Sense understands this and has developed a highly engaging, easy-to-use technology that empowers consumers to take control of their energy future."

The funding allows Sense to pursue a path of broader consumer adoption with a partnership ecosystem that includes home construction, energy providers, and smart home innovators.

According to Navigant Research, global revenue attributed to consumer technology and services for home energy management is expected to grow from almost $2.3 billion in 2016 to $7.8 billion in 2025. Innovators like Sense see energy management as a key component of the connected smart home.

About Schneider Electric
Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. We provide integrated efficiency solutions, combining energy, automation and software. In our global Ecosystem, we collaborate with the largest Partner, Integrator and Developer Community on our Open Platform to deliver real-time control and operational efficiency. We believe that great people and partners make Schneider a great company and that our commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment. schneider-electric.com

About Sense
Sense's mission is to make all homes intelligent by keeping people informed about what's happening in their homes, and helping to make them safer, more efficient, and more reliable. 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 checking what time their kids get home, monitoring their home appliances, determining whether they left appliances running or doors open and identifying how to reduce their energy costs. Sense is headquartered in Cambridge, Mass. https://sense.com

SOURCE Sense