What PowerX Does and Effectiveness of Products
Energy and tech startup PowerX has created AI technology that learns consumers’ energy habits, optimizes water heating, and provides energy-saving solutions and techniques tailored to the user. The startup has a variety of physical and digital products that work in tandem with each other in order to achieve these points.
The PowerX Smart Water Heater monitors heating in real-time and provides long-term trends and data to users. The Smart Electric Panel follows a similar monitoring path as the Water Heater, offering carbon emissions data and goal setting for energy usages. Finally, the Water and Leak Control device also helps to provide goal setting for reducing water consumption while providing constant monitoring for leaks or internal piping issues.
Accompanying all of these physical products from the tech company is the online or mobile app PowerX dashboard, which provides in-depth information on water, heating, and energy consumption along with ways to reduce overall usage. The dashboard can optimize power, water, and heat usage in other appliances around the house as well.
The company has also proven that its business and consumer products are effective. In fact, the startup saved consumers over $1,000 in overall utility bills in a pilot program run in New England. The pilot program has already saved 206kg of carbon emissions. With business already backlogged with major demand after an oversubscribed crowdfunding round, the company then turned to venture capital funding.
PowerX Funding and Future Plans
In the seed funding round for the tech company, the startup raised $4 million in capital. The funding round was led by Spring Tide Capital with participation from Antler Global, Y Combinator, and senior executives from Tesla and SpaceX. The tech business will use the funding on a series of different plans. The company will first hire new engineers, marketers, and data scientists. The money will also go toward the company goal of installing a core base of 10,000 homes.
With homeowner products set to be shipped out later this year, the company plans to offer business solutions to larger buildings as well. PowerX believes there is significant potential in providing a way for larger businesses to lower carbon emissions alongside its already in-demand consumer product line.
When commenting on the new funding round, founder and CEO of the business, Manuel Schönfeld, said, “We created PowerX to put money back in homeowners' pockets while reducing their carbon emissions. All without compromising at-home comfort or requiring major lifestyle changes. A win-win for consumers and the planet. We're thrilled to align with a phenomenal group of investors who share our vision. The added capital and strategic guidance will accelerate our plans to install PowerX in thousands of homes.”
About the Author
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.