12 Oct 2016 SET Ventures announces investment in Energyworx at Ecosummit London 2016
Our smart green innovation community is making more deals and sharing breaking news at Ecosummit. During today’s ECO16 London presentation, Rene Savelsberg announces the new investment of SET Ventures in Energyworx, the Dutch software provider for energy data analytics and management for utilities. SET Ventures joins the existing investor HenQ to complete Energyworx’ Series A in which both VCs co-invested a couple of million Euros and made additional capital reserves for follow-on investments. Energyworx is the first investment since the Amsterdam-based smart energy VC reached the first closing of SET Fund II at €60M in February 2016. With the software skills of HenQ and the energy experience and network of SET Ventures Energyworx is now poised to accelerate its growth and win new utility customers in Europe and America.
Energyworx is a good match for SET Ventures’ new investment strategy. Founded in 2012, the Dutch smart energy startup is headquarted in Houten and has got an office in San Francisco. This is a smart move as many people believe that software startups need to win in the US market first before they can win globally later. According to Rene, Energyworx makes sense out of the energy data generated from smart meters, IoT platforms and other sources that are profoundly changing the energy sector. Energyworx is supposed to be a very cost effective and scalable solution for utilities, TSOs (Transmission System Operators) and DSOs (Distribution System Operators) that want to understand and monetize their big data.
“We help utilities to forecast in minutes versus days. We do this by analysing the right data with the right context much faster and more accurately than anyone else. Our deal lifecycle solutions utilise machine learning algorithms developed specifically for the utility industry,” says Marcel Smit, the new CEO of Energyworx. Thanks to a very experienced and ambitious management team in place, proven technology and a fast growing market, Rene and his partner Wouter Jonk believe that Energyworx may become one of their portfolio stars.