Cambridge-based energy monitoring company Alert Me has closed a second round of funding, raising a total of £15m.
Existing investors Good Energies, Index Ventures, SET Venture Partners and Vantage Point Venture Partners have been joined by a new strategic investor and commercial partner − British Gas − which has invested £5.7m for a 15.96 per cent stake in the company.
As part of the investment deal, British Gas has signed a commercial agreement worth over £20m to deploy Alert Me products and services to its customers in the UK, which will allow them to manage and control energy usage over the internet and via their smart phones.
The partnership with British Gas positions Alert Me as the strategic home area network partner to the UK’s largest utility as it aims to roll out two million smart meters by 2012.
Phil Bentley, managing director at British Gas, said: ’Alert Me’s innovative product portfolio is a great addition to British Gas’ current service offering and will provide our customers with a range of new, easy-to-use tools to reduce their energy consumption and cut their fuel bills.’
As a result of its funding commitment, British Gas will hold a seat on the Alert Me Board.