TUNISIA – Wattnow, a Tunisian IoT-based energy management solution, has raised US$1.3 million in a pre-series A funding round to expand operations.
The round was co-led by Katapult Climate and 216 Capital with participation from Launch Africa Venture, CrossBoundary, Oman Technology Fund (OTF), and Saudi angel investors.
The startup will use the funds to boost its local sales and also focus on its expansion plans. It is targeting expansion in Africa and the Middle East.
Wattnow was founded in 2018 and provides devices for energy consumption monitoring & optimization for companies & individuals.
The startup allows businesses to monitor their power consumption in real-time, regulate and automate particular loads.
It then generates notifications and messages when something goes wrong using a blend of plug-and-play hardware and software.
Machine learning engines are used to interpret the data collected by the business’ smart sensors.
These data may be accessed through a cloud-based dashboard, which empowers businesses by providing thorough statistics and analytics on their energy usage.
The company’s primary objective is to develop a robust and affordable energy efficiency solution for industrials, commercial buildings, and businesses.
According to case study report, the platform was able to reduce maintenance work by 60% and avoid 1900 Co2 eq, which is similar to the annual energy consumption of more than 200 US households.
The startup has maintained its exponential development, amassing a market leader’s client portfolio spanning many sectors, including retail, telecommunications, and banking, as well as industries such as aeronautics, cement manufacturing, and even pharmaceuticals.
Wattnow was one of the foremost North African firms to make the SET100 list in 2021, which listed the top 100 energy companies from across the globe.
The startup is sufficient to convey out the information and trends that matter, as well as those that are relevant to the customers’ pain points in these regions.
Companies are increasingly facing new challenges to satisfy their customers who are becoming ever more demanding about the quality, cost, and time performance of products and services.
One IoT solution that can help improve the management of energy is smart energy management.
Major companies have used this technology to reduce their carbon footprint and increase business profits.
The introduction of the IoT smart energy management solution has improved the efficiency when it comes to the use of energy in many homes and businesses.
The Internet of Things solution is critical for enterprises pursuing ISO 50001 certification, as well as for groups dedicated to reducing their environmental effect and aiming to increase the efficiency of their energy management.
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