SensorFlow, a Singapore-based smart energy management startup, has raised a $2.7-million Series A financing round led by private investor, Pierre Lorinet, along with contributions from existing investor, Singapore-based Cocoon Capital, according to an announcement.
Other investors who joined the round include London-based venture fund Playfair Capital, Singapore’s Aurum Land, Insitu Asia Holdings, Europe-based Entrepreneur First and 2be.lu Investments.
SensorFlow is a technology startup that monitors, analyses and automates energy consumption in buildings using smart wireless Internet of Things (IoT) and Artificial Intelligence (AI).
It raised its seed funding round last year, led by Cocoon Capital, and followed by SG Innovate and SparkLabs under the Entrepreneur First accelerator programme.
The funds raised will enable SensorFlow to cater to growing demand from major hotel chains in Singapore, Indonesia and Hong Kong.
The company intends to enter markers like Sri Lanka, India, United Arab Emirates and Saudi Arabia within the next two years. It targets to provide services to 800,000 smart hotel rooms by 2022.
SensorFlow’s solutions include real-time data insights on energy consumption, occupancy trends and guest behaviors. The company tackles the challenges hoteliers face on setting up an energy management system, which invariably carry high upfront cost and have integration issues.
SensorFlow claims up to 30 per cent in total energy savings and up to 40 per cent in savings on maintenance costs.
“With energy consumption accounting for more than 60 percent of utility costs, hoteliers constantly seek to improve their energy efficiency. However, they often grapple with the challenge of incurring high costs and disruptions when implementing new energy solutions,” said Saikrishnan Ranganathan, co-founder and CEO of SensorFlow.
The company states that its service takes less than 10 minutes for installation without having any operational disruptions and upfront costs.