Enterprise IT Startup Innowatts Brings In $6 Million
Innowatts closed $6 million in Series A financing. Three investors participated in the round: Shell Technology Ventures, Iberdrola Group, and Energy & Environment Investment.
Innowatts is an easy-to-use online marketplace that provides home and business owners the power to personalize energy products by analyzing smart-meter data through its complex algorithms. In doing so, Innowatts gives every family and business the opportunity to choose its ideal electricity plan. The company creates a personal profile for each client’s home or business, then communicates that personal profile to energy companies to create energy plans that meet with the client’s individual energy needs. Clients can then simply compare and choose the customized plan that works best for them.
The company revealed that the capital raised will be used to strengthen Innowatts’ global foothold and drive product innovation across its energy analytics and digital e-utility solution suite.