Energy-saving AlertMe raises £8M in second round

Funding

AlertMe, a developer of domestic energy-saving systems, has raised £8 million in its second round, which was supported by Good Energies, Index Ventures, SET Venture Partners and VantagePoint Venture Partners. The financing will enable the company to expand its product development programme and continue to ramp up its distribution network.

Saul Klein, a partner at Index Ventures, said there is a need for technology that can cut home energy consumption. “As investors, we’re excited to work with the experienced AlertMe.com team, who are at the forefront of what we believe will be a huge and beneficial shift for both consumers and energy companies alike.”

Home energy usage accounts for more than one quarter of total consumption in Europe and the US, and apart from welcoming ways of saving money, consumers have an interest in environmental issues, and want to be able to play their part in redressing climate change. Home energy-saving can be seen as a fast and low-cost way to close the large gap between energy demand and supplies from renewables.

Cambridge-based AlertMe claims its technology is cheap to buy, easy to use and can save up to 25 per cent of energy use. This means that AlertMe pays for itself in about one year, saving approximately 1 ton of CO2 per home, per year. If every UK home had AlertMe, this would be equivalent to taking half the country’s cars off the road.

The AlertMe Energy Kit is connected to the Internet via a broadband connection. It constantly measures and controls individual appliances within the home, as well as measuring and managing overall energy usage. This information is then used, as appropriate, to change settings. The intelligent monitoring system and text or email suggestion service means that even if a user is away from home, it is possible to adjust heating controls, turn off switches and plan usage for non-peak times. AlertMe.com provides regular updates of current energy usage, in addition to historical comparisons.

Pilgrim Beart, AlertMe.com founder and CEO, said the company’s system is ready to use today. “We recognize that [...] governments, consumers, large retailers and utility companies have a strong interest in working together to reduce domestic energy consumption as quickly and efficiently as possible”.