Total amount raised
$174.6 Millions
Latest funding date
04/01/2022
Location
Sense has successfully raised funds through multiple rounds, with its latest Series C round closing on April 27, 2022. The company is backed by 20 investors, including Gutbrain Ventures and Volery Capital Partners.
Keep reading to explore the intricacies of Sense's fundraising journey and the investors backing this innovative platform.
What Is Sense?
Sense, founded in 2013, is based in Cambridge, Massachusetts. The company specializes in developing tracking devices and home automation solutions, offering a home monitoring system that distinguishes electrical appliances through their electronic signatures.
The founders of Sense are Christopher Micali, Mike Phillips, and Ryan Houlette. The company employs between 101 and 250 people, focusing on providing real-time insights into home energy consumption through a mobile app and home energy monitor.
Sense's innovative technology helps users save money and reduce their carbon footprint by monitoring and controlling their energy usage. The system transmits data to users via a mobile application, making energy management more accessible and efficient.
How Much Funding Has Sense Raised?
- Seed Round
- Amount Raised: $4M
- Date: January 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and bring it to market.
- Series A
- Amount Raised: $15M
- Date: September 2016
- Lead Investors: Energy Impact Partners, Shell Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the product and expand market reach.
- Series B (First Round)
- Amount Raised: $18M
- Date: October 2018
- Lead Investors: SE Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and increase customer base.
- Series B (Second Round)
- Amount Raised: $10M
- Date: July 2019
- Lead Investors: MacKinnon, Bennett & Company
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop technology and expand into new markets.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: September 2021
- Lead Investors: Japan Energy Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To explore new strategic partnerships and market opportunities.
- Series C
- Amount Raised: $105M
- Date: April 2022
- Lead Investors: Blue Earth Capital, Volery Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand technology to more homes and increase international reach.
Total Amount Raised: $152M
Current Valuation: Not publicly disclosed
Key Investors
- Blue Earth Capital
- Details: Blue Earth Capital is a global investment firm focused on sustainable and impact investments. They aim to generate positive social and environmental outcomes alongside financial returns.
- Investment Focus Areas: Sustainable investments, impact investments.
- Notable Investments: Not publicly disclosed.
- Volery Capital Partners
- Details: Volery Capital Partners is a private equity firm that invests in companies promoting environmental sustainability and social responsibility. They support businesses that drive positive change.
- Investment Focus Areas: Environmental sustainability, social responsibility.
- Notable Investments: Not publicly disclosed.
- Japan Energy Fund
- Details: Japan Energy Fund is an investment firm that focuses on clean energy and sustainable technologies. They aim to support the transition to a low-carbon economy.
- Investment Focus Areas: Clean energy, sustainable technologies.
- Notable Investments: Not publicly disclosed.
- MacKinnon, Bennett & Company
- Details: MacKinnon, Bennett & Company is a private investment firm that focuses on growth-stage companies in the clean energy and transportation sectors. They provide capital and strategic support to their portfolio companies.
- Investment Focus Areas: Clean energy, transportation.
- Notable Investments: Not publicly disclosed.
- SE Ventures
- Details: SE Ventures is a venture capital firm backed by Schneider Electric, focusing on early and growth-stage companies in the energy and automation sectors. They aim to drive innovation and sustainability.
- Investment Focus Areas: Energy, automation.
- Notable Investments: Not publicly disclosed.
What's Next for Sense?
Sense is poised to capitalize on the growing demand for energy efficiency and smart home technologies. With plans to expand its technology to more homes and increase its international reach, particularly in Europe and Asia, the company is well-positioned to tap into a vast market. The integration of AI/ML in home energy monitoring and the trend towards smart homes further bolster its growth prospects.
Given the significant recent funding, future fundraising opportunities seem likely as Sense continues to scale its operations. However, the company may face challenges such as competition in the home energy monitoring market and regulatory issues in different international markets. Ensuring consumer adoption and engagement will also be crucial for sustained success.
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