SimpTek Technologies, a Fredericton-based software company providing intelligent energy management solutions for homeowners and utilities, announced that it’s raised over $700,000 in funding. The round was led by the New Brunswick Innovation Foundation and several angel investors.
SimpTek, which was founded in 2014, plans to use the funding to expand across the US and Canada and expand its technical, sales, and marketing teams. SimpTek’s platform is meant to help utility companies better engage, understand, and communicate with their customers in order to solve problems facing many utility companies: currently, they have trouble meeting peak power needs, such as early mornings and dinner times. They also have mandates to become greener by adding more renewable energy and offering their customers more energy efficiency and energy saving options.
“Most people don’t realize that power utilities spend tremendous amounts of money to meet the peak demands of their customers and how working together to bring down peaks could have tremendous benefits for both customers and utilities in savings and using less fossil fuels,” said NBIF CEO Calvin Milbury. “SimpTek’s technology can help reduce the expenses utilities and consumers face at the same time, and that’s exactly the kind of innovation we invest in.”
SimpTek’s platform educates consumers about their energy use through an energy dashboard, which shows in real time how much energy they’re using and makes personalized recommendations about how to reduce energy. At the same time, utility companies get anonymous, aggregated insights to help them understand what products and services to offer their customers.
SimpTek has already completed the first phase of its pilot program with NB Power, the electric utility for the province of New Brunswick, Canada. Next year, SimpTek will be starting pilots with various utility companies across North America.
“We’ve been extremely pleased with the results of our pilot programs to date and the positive feedback from the consumers and the utilities,” said SimpTek CEO and co-founder, Asif Hasan. “We are excited to build upon our success to date and to expand the team with the financial support from these investors. We want to thank them for their confidence in our company and state publicly our commitment to deliver on the promises we’ve made to build this business.”