Watty provides software that uses visualization to break down consumers' energy costs and identify which appliances are on, and at what time, based on electricity-meter data. The product helps consumers immediately understand how energy is spent in homes and what actions can reduce energy bills. Several larger European utilities are currently working with the company on large-scale deployments. Watty plans to use newly raised funds to expand operations. The company raised €3m in funding alongside a SEK9.4m grant from the Swedish Energy Agency; Cleantech Invest SPV 3 AB invested €1m and EQT Ventures participated. Founded in 2013 and led by CEO Hjalmar Nilssonne, Watty is based in Stockholm. Watty builds a home energy management solution that uses a single hardware device to identify how much energy each appliance uses and then creates customized recommendations for families to cut their electricity bills. The company raised funding to take its solution to market and was awarded the Green Mentorship Award from Niklas Zennström. Watty secured 10 million SEK in the described funding round, which included participation from Cleantech Invest, Swedish business angels and the Swedish Energy Agency. After the round Cleantech Invest holds just under 1% of the company, giving it a foothold in the home energy management arena. Cleantech Invest praised Watty’s low customer threshold, the product’s appeal for saving electricity, and the strength and drive of the founding team. The investor indicated the initial stake is small but they may consider increasing ownership if the company develops well.

Total raised

$4M

Funding rounds

3

Latest round

Grant

Latest activity

Jul 2016