Sense Raises $105 Million in Series C Funding

Sense, a developer of a home energy monitoring system, raised $105 million in Series C funding, bringing the company’s total funding to date to $157 million.

Blue Earth Capital led the funding round.

TELUS Ventures and MCJ Collective also joined the round, along with the existing investors Schneider Electric, Energy Impact Partners, Prelude Ventures, and iRobot.

The company plans to use the fresh funds to accelerate its path to broad consumer adoption with a partnership ecosystem that includes utilities, home construction, and smart home innovators. Sense will also expand its global footprint, starting in Europe and the Asia Pacific region.

Sense intelligence can run as a software application on Revelo next-generation smart meters from Landis+Gyr or smart electric panels from Schneider Electric, allowing Sense capabilities to be deployed at scale.

“This funding allows us to work with our key strategic partners to bring Sense intelligence into millions of homes. By making the core systems of homes intelligent and engaging consumers, Sense will play a key role in the energy transition and accelerate the drive to greater efficiencies and electrification in homes,” said Sense CEO Mike Phillips.

In July 2019, Sense raised $10 million in Series B funding from MacKinnon, Bennett & Company, IDO Investments, Shell Ventures, Energy Impact Partners, Prelude Ventures, Capricorn Investment Group, iRobot Corporation, Schneider Electric, Landis+Gyr.

According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, VC funding raised by Energy Efficiency companies in Q1 2022 came to $109 million in four deals compared to $118 million in four deals in Q4 2021. In a YoY comparison, $5 million was raised in one deal in Q1 2021.