Vancouver-based Energy Aware has announced a new name and a round of funding to continue is growth. Now officially called Neurio, the company has been backed with a $1.5 million in seed funding led by BDC Venture Capital. According to the release, the money will be used to “fuel the company’s growth” and also hire more employees to bring its technology platform into your home to make it smarter.
“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, President and CEO, 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.”
Neurio technology focusses on your home with a goal to make it smarter and more efficient. Neurio monitors individual electrical devices such as appliances, water tanks and HVAC systems through a sensor that is installed in your breaker panel and uses cloud-based analytics to understand what appliances are consuming the most energy.
Neurio is currently accepting pre-orders for $249 with shipping expected January 2015.