Energyworx Announces Extension Funding from SET VenturesNovember 10th, 2016 by Energyworx
SaaS-based energy data management and intelligence platforms support utility companies with the energy transition; investment will be used to expand machine learning-based energy intelligence solutions
SAN FRANCISCO and HOUTEN, The Netherlands – October 11, 2016 – Energyworx (https://www.energyworx.com), a SaaS-based platform for energy data management and energy intelligence solutions that help utility companies navigate and monetize the energy transition, today announced an extension to its current funding round led by SET Ventures, a venture capital firm specialized in the energy sector. Energyworx will leverage the new funding to expand its machine learning-based energy intelligence solutions and further scale its U.S. and European operations.
Energyworx: the SaaS solution for energy intelligence
The energy transition to renewable energy is disrupting the existing business models of energy and utility companies. Data is growing exponentially due to the rollout of smart meters, new grid sensors, IoT and the increasing frequency of data. As a result, utility companies need to transform from a commodity-driven model to a data-driven model. Ingesting, analyzing and getting value out of these massive amounts of data is quickly becoming a significant problem for all players in the energy industry. The Energyworx SaaS-based platform for energy data management and energy intelligence solutions addresses and solves these challenges.
“Energyworx enables the energy transition at scale. We invested because we recognize the company’s unique capabilities, products and services in energy data management and intelligence, along with the strength of its offering to energy retailers, grid companies, and other players,” said Wouter Jonk, Managing Director at SET Ventures.
Energyworx has been recognized for the past two years in the Gartner ‘Magic Quadrant’ for Meter Data Management because its pay-per-use pricing is an attractive solution for utilities looking for rapid time to market without any capital expense. Further, the Google Cloud Platform team entered into a global technology and business partnership with Energyworx in 2014.
“Energyworx helps utility companies to reduce their risk, generate a higher margin and give them and their customers a competitive advantage. We help utilities to forecast in minutes versus days. We do this by analyzing the right data with the right context much faster and more accurately than anyone else. Our deal lifecycle solutions utilize specific, machine learning algorithms developed specifically for the utility industry,” said Marcel E. Smit, CEO of Energyworx.
The market opportunity for Energyworx is massive and global. According to a report from Green Tech Media Research, the cumulative value of the smart grid market is expected to surpass USD $400 billion by 2020, and the fastest growing smart grid market segment globally is the analytics sector.
“Utility companies are sitting on a huge pile of valuable data and adding datalab capabilities – including machine learning at scale – to our energy data intelligence solution allows us to support utilities in a unique way,” said Edwin Poot, founder and Chief Visionary Officer of Energyworx. “Energyworx enables the digital transformation that utility companies need to not only evolve their business models but also improve their competitive advantage and keep them ahead of the curve.”
Energyworx is a SaaS-based platform for energy data management and energy intelligence solutions that help utility companies navigate and monetize the energy transition. We deliver a revolutionary multi-tenant data management and intelligence pay-as-you-grow solution with unique industry specific algorithms that are disrupting the way services and solutions for the global energy and utilities markets are provided. The Energyworx suite of Energy Data Management and Energy Intelligence Solutions utilize big data and machine learning in a NoOps, server-less architecture, and with a continuous release cycle. Energyworx uncovers and monetizes the hidden value of data, providing companies with actionable insights and business value.
Backed by henQ and SET Ventures, Energyworx is a privately held global company with offices in San Francisco and Houten, The Netherlands. Read our blog, follow us on Twitter, or learn more at https://www.energyworx.com.
About SET Ventures
Since 2007 Amsterdam-based SET Ventures invests in European technology companies that impact the future of energy and the energy sector. We broadly focus on innovative energy generation, distribution and storage, and energy savings. Investment priority is given to those ventures that develop software-based services, with or without a hardware component, also named smart energy solutions. Visit http://www.setventures.com to learn more.
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Mindy M. Hull Rene Savelsberg
Mercury Global Partners for Energyworx CEO and Managing Director, SET Ventures
Tel. +1 415 889 9977 (USA) or +31 62 504 7680 (NL) Tel. +31 622 938536 (NL)