Cambridge, England-based AlertMe.com, a developer of energy saving systems for homes, has secured £8m in funding from investors Good Energies, Index Ventures, SET Venture Partners and VantagePoint Venture Partners.
The financing will enable AlertMe.com to extend its product-development programme, continue to ramp up its distribution strategy and to expand the existing team.
Home energy usage accounts for more than one quarter of total energy consumption across Europe and the US, and consumers are increasingly looking for ways to save money.
The energy saving technology from AlertMe.com, which is based on its Smart Home platform, can help consumers save up to 25 per cent of their residential energy costs, year-on-year, according to the company.
Purchased through a utility company or a retailer, AlertMe.com’s Energy Kit is connected to the internet via the home’s broadband connection, providing an online service that can be used from home, office or even while on holiday.
It constantly measures and controls individual appliances within the home as well as measuring and managing the home’s overall energy usage.
Even if users are away from their home, they are able to adjust heating controls, turn off switches and plan usage for non-peak times. AlertMe.com also provides regular updates of current energy usage in addition to historical comparisons.