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Sense raises $10 million more for AI that monitors energy use

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Sense raises $10 million more for AI that monitors energy use

The largest group of respondents — 20% — believed that switching off lightbulbs was the best way to save energy, while less than 6% chose superior alternatives like weatherizing and installing efficient appliances.

That’s not exactly surprising given that, in a separate study conducted by U.S. Energy Information Administration, a measly 4% of smart meter owners in 2016 reported viewing their hourly or daily energy consumption data.

This state of affairs drove Mike Phillips, Christopher Micali, and Ryan Houlette in 2013 to cofound Sense, a firm developing a platform that taps AI to provide real-time insights on electrical usage.

Following on the heels of several large financing rounds in 2018, 2017, and 2014, the Cambridge, Massachusetts-based company today revealed that approximately $10 million has been added to its series B round co-led by MacKinnon, Bennett & Company (MKB) and IDO Investments.

Previous investors Schneider Electric and Landis+Gyr also contributed to bring the total B round investment to $30 million and Sense’s total raised to $50 million, after a first B round close last October that saw Shell Ventures, Energy Impact Partners, Prelude Ventures, Capricorn Investment Group, and iRobot participate.

From the company’s founding, we envisioned a future when homes would share information about themselves with their owners, who could make better decisions about how to live in today’s world,” said CEO Phillips.

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