SteamaCo, a Manchester, UK-based provider of technology for managing off-grid renewable energy networks in emerging markets, completed a £640k seed funding round.
The round was facilitated by impact investment bank ClearlySo.
The company plans to use the funds to expand access to its technology.
Led by Harrison Leaf, co-founder and chief executive officer, SteamaCo provides smart metering and data analytics technology that enables distributed providers of electricity – from mini grid operators to agricultural irrigation businesses – to reach 1.3 billion people living beyond the grid.
The company’s universal smart meter enables any company to operate like a utility, collect cashless payments on a per unit basis and remotely operate machinery in developing markets.