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PowerX utilises Artificial Intelligence to optimise household utility usage.
- A pilot test of the product in New England saw homeowners save an average of $1,000 on utility bills.
- The investment will accelerate product development and expand PowerX’s technical capacity
PowerX, a company that utilises Artificial Intelligence to optimise household electricity, gas and water usage announced that it has received a $4 million investment in its Seed Round. Investors include SpringTide Capital, Antler Global, Y Combinator and senior executives from Tesla and SpaceX. The investment will accelerate product development and expand PowerX’s technical capacity to enable the installation of the company’s technology in 10,000 homes.
The investment follows the company’s recent successful pilot test of the product in New England which saw several homeowners save an average of $1,000 on utility bills after installing PowerX. “We created PowerX to put money back in homeowners’ pockets while reducing their carbon emissions. All without compromising at-home comfort or requiring major lifestyle changes. A win-win for consumers and the planet,” said Manuel Schönfeld, founder and CEO of PowerX.
“We’re thrilled to align with a phenomenal group of investors who share our vision. The added capital and strategic guidance will accelerate our plans to install PowerX in thousands of homes,” he added.
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PowerX has built a complete, multi-sensor suite of solutions that reveal the full story of a home’s electricity, gas, and water usage. The PowerX suite leverages advanced AI to optimise a home’s utilities and lower energy costs. Homeowners can access detailed information on energy use (down to appliance level) allowing them to control and efficiently conserve energy and reduce their carbon footprint.
“Manu is a founder who is not only deeply motivated by his company’s mission but also demonstrates a rare combination of analytical rigor and scrappiness. When I met him he was hand-soldering dozens of pilot PowerX units in his garage,” said Zander Rafael, Managing Director, Spring Tide Capital.
PowerX suite of products include:
PowerX Heat: a plug-and-play sensor that learns the hot water usage patterns of homes, and optimises 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. The device 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. The device utilises 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.