Ento Labs raises $3.6M to eliminate energy waste in buildings with AI
Ento Labs offers an easy to use SaaS solution for public and commercial building owners with ambitious sustainability goals. The company’s “virtual energy advisors” provide a prioritized list of suggested energy optimizations based on already available energy data, making the process quick and easy compared to traditional energy optimization processes.
Leading investors in the seed round are the Nordic based venture fund byFounders and the American fund Voyager as well as a group of private angel investors.
byFounders invests in software and climate tech at large, while Voyager is a climate-focused fund led by experts with previous roles in the Obama administration and the International Energy Agency (IEA).
“Almost 30% of global CO2 emissions come from building operations, and we’re seeing that 10-30% of that energy is simply wasted. This is an overlooked problem in the whole discussion towards zero carbon, but with these new automated techniques, we see a huge potential here” says Henrik Brink, CEO and founder of Ento Labs.
Specifically, Ento Labs has developed a software solution that can monitor and analyze energy consumption in buildings and automatically provide suggestions for energy optimizations, without installing new hardware.
The company’s solution is based on large amounts of historical and current consumption data as well as a large number of external factors such as weather conditions, building information, opening hours, calendar information, etc. It is all tied together by artificial intelligence, which enables those responsible for the building portfolio to very quickly get an overview of where to focus.
“When the optimization proposals are implemented, there’s typically a quick return on investment. Both in terms of financial gains and in relation to reduced climate impact. We see a lot of operational inefficiencies in buildings – this means that buildings can be optimized without having to make major investments in renovations and new equipment, as it’s more a question of optimizing current technical installations” says Henrik Brink.
A current example of this is one of Denmark’s largest retail banks, Arbejdernes Landsbank. In their recent CSR report, it is stated that they have implemented energy savings of more than 16% of the building portfolio’s total electricity consumption by utilizing Ento Labs’ AI.
Current customers include some of the largest municipalities, retail chains, industrial companies and banks in Denmark. In addition, a number of Energy Service Companies, metering suppliers and utilities have partnered with Ento Labs to provide an extra service to their own customers by using Ento Labs’ solution.
“We already have close to 6,000 buildings on our platform and there is a lot of interest in reducing and optimizing energy consumption at the moment. With the extra capital we’re now raising, we’re starting the next phase of growth. This includes building a strong organization and scaling our solution to even more buildings in and outside of Denmark, while keeping our rapid pace of product development” says Henrik Brink.
For additional information please contact:
Phone: +45 2614 5676
About the founders
Henrik Brink, CEO
Co-founded and exited machine learning startup Wise.io to General Electric, machine learning researcher at UC Berkeley and co-author of the book “Real World Machine Learning”.
Bo Tranberg, COO
PhD in energy systems, data scientist and consultant within power trading company Danske Commodities and energy infrastructure company Siemens Gamesa.
Malte Frederiksen, CCO
Advisor for large corporations and SaaS startups in machine learning and energy applications at Innovation Center Denmark, Silicon Valley.
Kasper Bjørn Nielsen, CTO
Lead software developer and machine learning engineer at Wise.io, General Electric, Siemens Gamesa.