Singapore-based energy management startup SensorFlow today announced that it has raised a S$750,000 (US$573,000) seed funding round led by Cocoon Capital.
As part of the first Singapore cohort of accelerator programme Entrepreneur First, the startup also received investments from SG Innovate and SparkLabs, alongside two undisclosed angel investors.
It plans to use the funding to acquire talents, scale products, and expand sales pipeline.
Founded in 2016 by Saikrishnan Ranganathan and Max Pagel, SensorFlow offers full-stack energy management solution with special focus on the hospitality industry.
It aims to help hotels and resorts conserve energy using an IoT system, that the company claimed can be installed within 15 minutes without the need for a downtime or operational disruptions.
The platform includes energy meter, an operational dashboard that provides real-time data, a preventative maintenance, as well as occupancy and door sensors that adjust the thermostat fan and air conditioning.
It enables hotel management to access regular energy-saving reports; they can also receive alerts of malfunction in heating, air conditioning, and ventilation system, helping them prevent unforeseen costs and guest complaints.
The platform aims to solve the three challenges that prevented businesses from implementing energy management solutions: Large upfront costs, time and cost of installation, and lack of vertical integration.
“We have innovated on the IoT network, building it on a long-range radio that has only recently become available. This enables us to use a single gateway for an entire building, whereas existing solutions require one gateway every 10 meters. Our sensors are battery-powered, lasting up to three years and can be retrofitted using existing wiring, while existing solutions are invasive and take six to 12 months to install,” Ranganathan explained in an email to e27.
SensorFlow has completed trials of its products at 5footway.inn by The Uncharted Co in Singapore and three of ALILA Hotels & Resorts properties in Bali earlier this year.
The startup named Singapore, Malaysia, Indonesia, and Thailand as its core markets.
Singapore has been pushing for the implementation of smart and green buildings through the work of organisations such as Building and Construction Authority (BCA), with its green building rating system Green Mark.
Resorts in the Bali province of Indonesia have also been pushing for sustainability KPIs as part of their Corporate Social Responsibility (CSR).
“Awareness of energy management has increased in recent years, especially for hotels that on average spend eight per cent of their revenue on energy costs, with a profit margin of eight to 12 per cent. Our savings of up to 30 per cent on hotel energy costs has an immediate impact on their bottom line, increasing their profit margin by one to two per cent,” Ranganathan said.
Images Credit: SensorFlow