BP Ventures leads £2.5m investment into EnergyTech firm Voltaware

11/07/2018 09:44 Energy

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BP Ventures has invested £1.5m in London-based energy monitoring company Voltaware.

This forms part of Volatware’s £2.5m Series A round, which also drew support from First Imagine! Ventures and Contrarian Ventures.

 

The deal was made as part of BP’s Alternative Energy’s strategy to explore digital innovations and the impact of technology on energy consumption and management. Voltaware fits into this criteria, as its sensors enable businesses and residential users to track their energy demand in detail, including individual appliances.

 

David Gilmour, vice president of BP Ventures, commented on the investment: “Governments, business and individuals must all play their part in advancing the energy transition. Realtime energy monitoring is growing in importance and the time is right for businesses to start adopting the technology.

 

“Voltaware’s product gives customers access to more information and enables better choices. BP Ventures believes Voltaware’s offer to businesses could lead to far more efficient operations,” he added.

 

Voltaware is an electricity data intelligence company. It has developed an internet-enabled electricity sensor and AI-based data intelligence platform. The purpose is to track and optimise energy consumption, as well as to predicatively monitor the performance of individual machinery, in order to catch abnormal energy usage levels before it’s too late. The data can be checked and analysed in real-time using an app.

 

Sergey Ogorodnov, founder and CEO of Voltaware, shared more about the company: “Modern utilities and businesses are looking at harnessing the power of electricity data as a key driver for their digital transformation strategy. By utilising the power of Voltaware’s electricity data intelligence, businesses can achieve a sustainable competitive edge for their customers.

 

“The money will help us focus on our AI and data science capabilities and speed up our growth,” he added. 

 

BP Ventures was set up in 2004 to invest in private, high-growth tech companies working in the energy sector. The firm has offices across the world, and has so far invested over $400m in technology companies, including Fotech Solutions and BiSN. The team is also investing in five new focus areas: advanced mobility, bio & low carbon products, carbon management, digital transformation and power & storage.

Source: uktech.news

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