The Clean Energy Trust, a Chicago-based non-profit seed investor that backs cleantech startups, announced it has invested in Milwaukee's Wellntel and a handful of other Midwest companies.
The Clean Energy Trust announced that it has invested $150,000 in Wellntel, a startup that has built a smart groundwater information system that measures water quantity in a private water well.
The funding comes as part of $970,000 that the Clean Energy Trust invested in four startups Wednesday during Co_Invest Cleantech, the group's startup demo day event.
The Clean Energy Trust also invested $270,000 in Minnesota-based 75F, $200,000 in Chicago-based Sigora International and $100,000 in Knoxville-based Mobius. The group announced it also invested $250,000 in follow-on funding for Chicago-based NuMat Technologies, an existing portfolio company.
"Clean Energy Trust helps ensure that clean energy entrepreneurs and technologies have a path for growth and success here in the Midwest,” CEO Erik Birkerts said in a statement. “We provide critical early-stage funding and strategic support which allows these impactful technologies to scale. As these early startups grow and deploy their technology, not only are carbon emissions cut and resources conserved, but the economy is stimulated, and jobs are created."
Since 2014, the Clean Energy Trust has invested $4.75 million in 27 cleantech startups across the Midwest.
Wellntel was founded in 2012 and helps people monitor their well water by using sensors to see how much water they're using and how fast it's replenishing. The startup's solar-powered sensors measure water quantity and communicate with an app to let users know about their groundwater in real-time. The company previously raised $1.2 million in venture funding. Last year it was named by Fast Company as one of 50 projects across the U.S. that are "really making American great again."
Since its commercial launch in 2015, Wellntel said it has worked with more than 600 customers in 30 states and collected almost 10 million well readings.
