Schneider Electric has been joined by Landis+Gyr, MKB and IDO Investments for a $10m series B extension that boosted the home energy monitoring platform's total funding to $50m.
US-based household energy monitor developer Sense increased its series B round to $30m yesterday following an extension that included industrial group Schneider Electric and smart energy product maker Landis+Gyr.
The $10m extension was co-led by merchant bank MacKinnon, Bennett & Co (MKB) and IDO Investments, the venture capital vehicle owned by the government of Oman.
Schneider Electric led the $18m first tranche in October 2018, investing alongside Shell Ventures, a corporate venturing subsidiary of oil and gas supplier Shell, as well as robotics technology producer iRobot, Prelude Ventures, Capricorn Investment and Energy Impact Ventures.
Originally known as Sage Devices, Sense has created a machine learning-powered system that helps homeowners keep tabs on energy costs and usage by monitoring the level of electricity emitted from devices in their homes.
Sense said at the time of the first close that the proceeds from the series B round would be used to bolster its distribution strategy, which involved forming partnerships with firms in the home construction, energy supply and smart home industries.
Landis+Gyr will utilise Sense’s technology in its latest smart meter platform, while Schneider Electric has already used Sense to power its own home energy monitoring device, Wiser Energy System by Square D.
Sense has now raised $50m in total, it said. The company received $15m in an early 2017 series A round that was co-led by Shell Ventures, then known as Shell Technology Ventures, and Energy Impact Partners, and which was included a $1m investment by iRobot.
Capricorn Investment, Prelude Ventures, CRV and Bolt also took part in the series A round. Sense had initially raised $4m in 2015 according to a securities filing.
Image courtesy of Sense.