Sense closes financing round for its home energy intelligence software

Home energy intelligence company Sense said it close a $105 million Series C financing led by Blue Earth Capital. TELUS Ventures and MCJ Collective also joined the round, along with previous investors iSchneider Electric, Energy Impact Partners, Prelude Ventures, and iRobot. This brings Sense’s funding to date to nearly $157 million.

Sense uses machine learning and AI to provide insights into how energy is used in homes and is intended to be used for automation as appliances become connected.

Sense intelligence can run as a software application on Revelo next generation smart meters from Landis+Gyr or smart electric panels from Schneider Electric, allowing Sense capabilities to be deployed at scale.  The company said that by embedding intelligence as updatable software, core parts of the energy infrastructure can adapt over time and connect to smart devices that consumers are adopting.

The funding is expected to allow the company to expand its market reach, starting in Europe and the Asia Pacific region.

The Sense software platform can be paired with Schneider Electric’s Square D Energy Center to control multiple power sources, and potentially increase home energy efficiency and reduce costs.

Sense said it sees an expanding global market for connected devices and intelligence services. It cited market research that said the global penetration of smart meters is on track to grow from approximately 44% at the end of 2020 to 56% by the end of 2028, resulting in over 1.2 billion devices globally. 

Based in Cambridge, Mass., Sense was founded in 2013 by a team with expertise in speech recognition.

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