Energy Aware has raised a seed round.
The Canadian company raised $1.5 million in financing. The round was led by BDC Venture Capital.
Energy Aware also announced that its new name is Neurio. The home intelligence technology company says its latest round of financing will be used to fuel growth both in terms of product development and employees.
Neurio makes ordinary homes smart by monitoring individual electrical devices such as appliances, water tanks and heating and cooling systems, through a single sensor installed in the home’s breaker panel. Neurio then uses smart cloud-based analytics to figure out what individual appliances are up to—without the need to install sensors on every device.
“The smart home market is predicted to double in size to $71 billion by 2018 as new technologies promise to improve security, convenience and energy efficiency for everyday consumers and businesses,” said Janice Cheam, CEO of Neurio. “More and more home owners are purchasing smart home products, but we still find the adoption rate is low due to the cost barrier and complexity. Neurio addresses this cost barrier and allows users to monitor their whole house with a single home sensor and gain added peace of mind and comfort.”
“At BDC, we are always looking for innovative start-ups with huge growth potential,” said Geoff Catherwood, Partner in the Industrial, Clean and Energy Technology Venture Fund, BDC Venture Capital. “The smart home market is poised for massive growth and Neurio has developed a unique solution within the space. With this latest funding round, Neurio is poised to fulfill its goal to transform the way people interact with their homes.”