Melbourne based energy management tech start-up carbonTRACK has secured a further AUD$2 million and plans to open offices in Sydney, Brisbane, Perth, Japan and Singapore. carbonTRACK currently operates offices in Melbourne and Johannesburg, South Africa.
This follows a first ‘Class A’ capital raising of AUD$1.3 million in FY 2014/2015 on a pre-valuation of AUD$15 million with Wolf Capital as the corner stone investor of the round. This fast growing start-up is now valued at over $23 million and only started commercialising in February this year.
This new funding is intended to help with further market expansion and the commercialisation of its ZigBee measuring and switching technology.
Geoff Gourley (pictured) and Julio De Lafitte, co-founders of the Impact Investment Fund, are the cornerstone investors of this round, along with various investors represented by Fairhaven Advisors.
Geoff, who is also an investor with NuGreen Solutions, joins the carbonTRACK board.
“It is exciting to see a Melbourne based tech start-up develop a unique technology which can save businesses and home owner’s significant money and also reduce carbon emissions whilst preparing for a truly connected future,” he says.
The funding boost is also being used to create five additional jobs in the Australian office, including an Australian CEO, a data analysts and a number of support engineers & technicians.
Tom Jamieson, global CEO of carbonTRACK reports that the company is currently undertaking trials and proof of concept installations in Japan and Singapore. “In such a short space of time the market has noticed the potential of what we can offer.”
How exactly does carbonTRACK work?
carbonTRACK provides energy usage insight and allows consumers to control and switch electrical devices and appliances. This reduces cost, energy use, and greenhouse gas emissions. carbonTRACK is an intelligent low-cost energy management ecosystem and Internet of Things platform.
Its learning algorithms, wireless device switching, independent communications protocol and demand response capability (DRED) provide benefits along the entire electricity value chain: for energy consumers, distributors, retailers, and generators.
carbonTRACK gives users the ability to track their home or business energy use and pinpoint the most expensive areas that could be addressed without adversely affecting lifestyle and comfort and normal business operation.
carbonTRACK also enables users to remotely turn appliances and devices on or off using a smart phone, tablet or desktop computer from anywhere in the world.
“carbonTRACK does not rely on WiFi, it has GSM and ZigBee communication protocols. These are much more reliable and more secure than WiFi; we all know how frustrated we get when our WiFi drops in and out,” Tom explains.
carbonTRACK’s algorithms learns its users’ routines and decides the best way to manage energy use. This helps reduce energy consumption, save users money and also reduces greenhouse gas emissions.
Tom goes on to explain, “It can turn the hot water on half an hour before a morning shower and shut it off after the morning rush is over.”
“The aim is to make users more energy conscious and help save them money. It makes a significant reduction in carbon emissions by reducing power consumption and empowering the user.
“It is also a very powerful tool in managing solar generation, ensuring that users get the most effective result from their PV Solar installation”.
Why has carbonTRACK attracted this funding?
Julio, who is also the MD of JDL, believes carbonTRACK is “a game-changing technology which will revolutionise how we view and use energy”.
“Having installed it two months ago, carbonTRACK now intuitively controls my energy consumption and I am saving hundreds of dollars,” he revealed.
carbonTRACK came third for Australia in Singapore’s recent TechVenture International Start-up Challenge, and was recently also successful in the NRMA Slingshot Jumpstart Scale up Program.
The energy start-up is also finalist for the Innovation of the Year Category for the 2015 Australian Sustainability Awards and has been invited to attend an Australian Trade Mission to Brazil in February 2016 and Israel in March 2016.
With offices in Australia and South Africa, carbonTRACK now employs 27 people. Its boost in global recognition follows strong growth in Australia and South Africa.
Recent strategic partnerships have been secured with various Australian PV Solar businesses, the Chamber of Commerce & Industry QLD (CCIQ), NuGreen Solutions, EmPower (BlueNRG), Littil, VisionTrak, Cherie Pulse, Vodacom (RSA), Builders Warehouse (RSA) and the Department of Infrastructure Development (GDID) in South Africa.
In addition to this carbonTRACK has been accredited as the default device for the registration of Renewable Energy Credits (zaREC’s) generated from Solar Hot Water installations under RECSA, the association of Voluntary REC market participants in South Africa.
Work is also underway with KFC and Subway with a number of successful trials concluding in August. Discussions are underway with Collins Food Group and Yum with a view to rolling out the carbonTRACK technology across their franchises.