raises $3.6M to eliminate energy waste in buildings with AI
Summary
The product is already monitoring 6,000 commercial and public buildings and with the raised capital, the company is speeding up that growth to cover more buildings and drive more savings.Leading investors in the seed round are the Nordic based venture fund byFounders and the American fund Voyager as well as a group of private angel investors.byFounders invests in software and climate tech at large, while Voyager is a climate-focused fund led by experts with previous roles in the Obama administration and the International Energy Agency (IEA).Almost 30% of global CO2 emissions come from building operations, and were seeing that 10-30% of that energy is simply wasted. This is an overlooked problem in the whole discussion towards zero carbon, but with these new automated techniques, we see a huge potential here says Henrik Brink, CEO and founder of Ento Labs.Specifically, Ento Labs has developed a software solution that can monitor and analyze energy consumption in buildings and automatically provide suggestions for energy optimizations, without installing new hardware.The companys solution is based on large amounts of historical and current consumption data as well as a large number of external factors such as weather conditions, building information, opening hours, calendar information, etc. We see a lot of operational inefficiencies in buildings this means that buildings can be optimized without having to make major investments in renovations and new equipment, as its more a question of optimizing current technical installations says Henrik Brink.A current example of this is one of Denmarks largest retail banks, Arbejdernes Landsbank. In their recent CSR report, it is stated that they have implemented energy savings of more than 16% of the building portfolios total electricity consumption by utilizing Ento Labs AI.Current customers include some of the largest municipalities, retail chains, industrial companies and banks in Denmark. In addition, a number of Energy Service Companies, metering suppliers and utilities have partnered with Ento Labs to provide an extra service to their own customers by using Ento Labs solution.We already have close to 6,000 buildings on our platform and there is a lot of interest in reducing and optimizing energy consumption at the moment.