Sense, the Cambridge-based startup that makes a home energy monitor, closed $18M in a Series B round led by Schneider Electric. Other investors in the round included Prelude Ventures, Capricorn Investment Group, Shell Ventures, Energy Impact Partners and iRobot.
This round brings the company's total fundings to $38.6 million, to date.
The company’s electricity usage monitor, which installs in home electrical panels, retails for $299 on Amazon and the company's website. The product promises to reduce utility bills by monitoring usage in real-time and helping consumers identify wastage. For example, users can set alerts for when their coffee pot is on for more than 2 hours.
The Series B round coupled with Schneider Electric's backing will broaden the customer base for Sense's monitors and expand its market to include home construction, energy providers and smart home innovators.
"Schneider is a key provider of energy infrastructure across the world and we hope to find ways to work together to make smarter energy systems a default part of future buildings," said Sense CEO Mike Phillips in a press statement.
