Watty, a Stockholm, Sweden-based provider of software for identifying what appliances are on, at what time, based on the electricity meter data, raised €3m in funding.
Cleantech Invest SPV 3 AB, a Swedish holding company founded by Cleantech Invest Plc, has made an equity investment of €1m, and venture capital firm EQT Ventures. In addition, the Swedish Energy Agency has provided a grant worth SEK9.4m.
The company will use the funds to expand operations.
Created in 2013 and led by CEO Hjalmar Nilssonne, Watty provides software that uses visualization to break down consumers energy cost for immediate understanding of exactly how energy is spent in homes and what people can do to reduce energy bills.
Several bigger European utilities are currently working with the company on large scale deployments.