Singapore-based smart energy management company SensorFlow has announced that it has secured US$2.7 million Series A funding from private investor Pierre Lorinet. Joining the round is Playfair Capital, Cocoon Capital, Entrepreneur First, 2be.lu Investments, Aurum Land, and Insitu Asia Holdings.
The company said that it will use the funding to focus on accelerating regional growth to Malaysia, Thailand, Vietnam, Cambodia, and the Philippines, which will bring the company closer to its goal of 800,000 smart hotel rooms by 2022. Its mission is to support hotels across Asia with the efficiency of smart energy technology.
It also seeks to use the funding for an operation to meet the need of their hotel chain customers in Singapore, Indonesia, and Hong Kong.
“This investment has put us in an even stronger position for market expansion to help more hotels within the region reach their sustainability goals. We also have our eyes set on entering Sri Lanka, India, United Arab Emirates, and Saudi Arabia within the next two years,” said Co-founder and CEO of SensorFlow Saikrishnan Ranganathan.
SensorFlow offers a solution that solves three key challenges that used to prevent hoteliers from implementing effective, integrated energy management solutions. They are the large upfront costs for hardware followed by the inconvenience of a long installation period as well as the lack of integration options with existing systems.
SensorFlow records that energy consumption accounts for more than 60 percent of utility costs for the hotel business. The problems that hoteliers often face include the challenge of reducing energy use is high costs and disruptions when implementing new energy solutions.
“With SensorFlow, the solution provided can be installed in a matter of minutes and seamlessly integrates into existing infrastructure. Using wireless sensors, SensorFlow collects real-time data and artificial intelligence (AI) to automate decision-making without cost subscription model – catering to hotels that are unable or unwilling to tap into larger capital expenditure budgets,” explained Ranganathan.
SensorFlow’s track records include deploying property-wide solutions for The Uncharted Co’s 5footway.inn in Singapore and completing trials in three Alila Hotels & Resorts properties in Bali, managed to drive a 30 percent reduction in energy costs.
SensorFlow is on track with the findings from International Energy Agency, which stated that Southeast Asia’s energy demand is expected to grow by nearly 60 percent by 2040. With the building sector accounting for approximately 25 percent of Asia’s overall energy consumption, solutions provided by SensorFlow is expected to create more sustainable energy consumption.
The funding brings the total funds raised by SensorFlow to date to US$3.5 million. Last year’s initial seed funding was led by Cocoon Capital and followed by SG Innovate and SparkLabs under the Entrepreneur First accelerator programme.
Image Credit: SensorFlow