Energy management platform TablePointer scoops $3m
Summary
TablePointer has raised $3 million in seed funding for energy efficiency SaaS (software as a service) technology it offers via subscription to small- and medium-sized businesses. Funding will go towards new features for the TablePointer platform as well as expansion into new markets.TablePointer says that while solutions exist to help large businesses and facilities, there are none that adequately serve smaller players. TablePointer installs IoT devices at the customers location(s) that collect data from energy-heavy equipment such as exhaust fans, air conditioners and refrigerators. Energy accounts for 35% of total emissions worldwide; residential and commercial buildings use over half of all electricity generated.With its plug-and-play system, TablePointer hopes to enable small- and medium-sized enterprises to manage their energy more efficiently, and without those businesses incurring major financial burdens.At the moment, TablePointer works with many companies in the food and beverage industries.TablePointers Energy-Efficiency-as-a-Service model helps food and beverage businesses manage their energy consumption while reducing their carbon footprint by eliminating the need for costly and complex facility upgrades, leading to optimal savings, Thomas Baudlot, CEO for Energy Solutions APAC and country head for Southeast Asia, said in a statement.This allows businesses to stay competitive while contributing to climate change efforts.While TablePointers main business is currently F&B, the company says its platform will benefit any decentralized facility with a high-energy footprint. Some examples could include cloud kitchens, food processing facilities and kitchens inside of hotels and conference centers, though TablePointer declined to go into specifics.The company is keeping its customer numbers under wraps as well at this time, though Steve Melhuish, chairman of TablePointer and founding parter at Wavemaker Impact said there has been fast adoption by both small independent outlets, as well as some of the largest most recognizable F&B chain brands.Angela Tay, senior investment associate at AgFunder Asia, told AFN that TablePointer has a first-mover advantage, too.TablePointer has a first mover, leadership advantage in the highly fragmented $20 billion Asian energy efficiency market, she said.