PowerX Receives $4 Million Seed Round Investment to Supercharge Development
As a tech startup, it is no surprise that we are driven by solving big problems. That is why our core mission is to prove that saving money and saving the environment can go hand in hand. In our efforts to accomplish this mission, we are excited to announce a $4 million investment from SpringTide Capital, Antler Global, and senior executive members from Tesla and SpaceX! In the spirit of transparency, we feel it is important to report to you on where this investment capital will be used.
This capital will accelerate product development and build a world-class team of engineers, marketers, and data scientists to help PowerX reach our target of installation in 10,000 homes. It is our goal to create exceptional products that help you, as a consumer, save real money on your monthly utility bills while also lessening your impact on the environment through your carbon footprint.
It’s a win-win that we feel the world deserves. In fact, this investment follows a highly successful pilot in New England where several dozen homeowners were able to save $1,000 on average on their utility bills after installing PowerX.
Our complete, multi-sensor suite of solutions reveals the full story of your home’s electricity, gas, and water usage by leveraging advanced AI to optimize your home’s utilities and lower your energy costs. This empowers you, as a homeowner, by providing you with detailed information down to the appliance level, giving you completed control to further reduce your usage and carbon output.
Interested in learning more about what each sensor does? We’ve provided a helpful outline below so that you can better understand our suite of products:
- PowerX Heat: a plug-and-play sensor that learns the hot water usage patterns of homes, and optimizes the water heater to heat only as much water as needed when needed – drastically cutting carbon emissions and saving money.
- PowerX Electricity: this smart monitoring sensor installs inside the electrical panel and analyzes a home’s electricity use, and saves homeowners money. This power monitor gets to know every appliance’s electrical signature and analyzes its power draw in real-time. The technology is so smart, it can remind users to turn off/unplug forgotten devices and even alert them to replace broken ones.
- PowerX Water: Simply clamping this small sensor to a home’s water main allows it to monitor water usage throughout the home. This water use monitor utilizes AI to identify what areas of the property or fixtures are wasting water. Additionally, PowerX Water can alert homeowners of leaks and help them find their location, mitigating potential disaster.
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