henQ Invests €1 Million (Series A) in Energy Data Solution Energyworx

AMSTERDAM, July 21  2016 – Amsterdam-based venture capital firm henQ invests EUR 1 million in a Series A round in Energyworx, a SaaS-based platform for energy data management and energy intelligence. Energyworx helps utility companies navigate and monetize the challenging transition to renewable energy.

The company also announced to have appointed Marcel E. Smit as CEO, responsible for the global go-to-market strategy and leading the company’s San Francisco and Dutch offices. Smit has a strong history of leading successful high growth companies. He is the former CEO of Mirror42, a performance analytics company acquired by ServiceNow in July 2013, and the former CEO of Q-go, a natural language search company acquired by RightNow Technologies in January 2011. Energyworx’s founder, Edwin Poot has been named Chief Visionary Officer and will focus on the company’s long-term product strategy.

The company will leverage the new funding to accelerate growth and scale its U.S. and European operations, including the opening of a new office in San Francisco. “Our team and investing partners see Energyworx as an innovative leap in the energy transition, helping energy-related companies discover new business models and better monetize their data,” said Herman Hintzen, Executive Partner at henQ. “The addition of Marcel to the executive team and his experience with leading teams and igniting top line growth will help further cement Energyworx as a global leader in the energy intelligence sector.”

The energy transition to renewable energy is disrupting the existing business models of energy and utility companies. Data is growing exponentially due to the rollout of smart meters, new grid sensors, IoT and the increasing frequency of data. As a result, utility companies need to transform from a commodity driven model to a data driven model, and ingesting, analyzing and getting value out of these massive amounts of data is quickly becoming a significant problem for all players in the energy industry.

Enter Energyworx, a revolutionary data management and intelligence cloud service disrupting the global energy and utilities market. Google noticed Energyworx’s SaaS-based solutions in mid-2014, resulting in a global technology and business partnership with the Google Cloud Platform team. Further, Energyworx has been recognized for the past two years in Gartner’s ‘Magic Quadrant’ for Meter Data Management due to the fact that its pay-per-use pricing is an attractive solution for utilities looking for rapid time to market without any capital expense.

“Energyworx solves two critical issues that utility and energy companies have been struggling with for years. First, we help utilities ingest and crunch massive amounts of data to provide more effective and efficient energy data management. Second, we utilize machine learning-based energy intelligence that helps utilities learn from their data and better monetize it,” commented Marcel E. Smit, CEO of Energyworx.

Market opportunity

The market opportunity for Energyworx is global and cannot be overstated. Market demands and regulation are changing fast and there is a worldwide rise of renewable energy sources. According to a report from Green Tech Media Research, the cumulative value of the smart grid market is expected to surpass USD $400 billion by 2020,  and the fastest growing smart grid market segment globally is the analytics sector with a compound average growth rate of 17.34 percent.

Smart meters and other intelligent devices in the home are becoming ubiquitous and growing at lightning speed. More and more consumers are becoming energy producers with their own solar panels. Instead of one-way, information needs to flow two-way. Meter values used to be collected once per year, but are now moving to 15-minute values, second values or even streaming real-time. This increasing frequency and density of energy data brings enormous scaling, data quality and data crunching problems with it, which Energyworx addresses.

“Energy and utility companies are sitting on a huge pile of valuable data, but they have challenges learning from and finding the business value to monetize it. I’m proud that Energyworx is seen as a growth leader in this industry where very few companies to date have dared to challenge the status quo of incumbent methodologies,” said Edwin Poot, founder and Chief Visionary Officer of Energyworx. “We are excited to expand our global footprint and look forward to helping even more utility companies worldwide manage the energy transition.”