Neurio Technology Inc, formerly known as Energy Aware Technology Inc, has received $1.5 million in seed-stage financing. The investor was BDC ICE Venture Fund, one of three sector-focused venture capital funds managed by BDC Capital. Headquartered in Vancouver, Neurio is a home intelligence platform that has developed technology for monitoring home electrical devices, such as appliances, water tanks and heating, and cooling systems. It plans to use BDC’s investment to fuel growth through development of its platform and additional employee hires. Founded in 2005, Neurio is led by president and CEO Janice Cheam and CTO Dr. Ali Kashani.
Energy Aware Secures Funding; Changes Company Name to Neurio Technology Inc.
Company’s Unique Home Intelligence Platform Turns Regular Devices and Appliances into Smart Devices through a Single Home Sensor, to Deliver Security, Comfort and Energy Savings
December 16, 2014, Vancouver, Canada—Neurio, a leading home intelligence technology company, formerly known as Energy Aware, announced today that it has secured CDN$1.5 million in seed funding led by BDC Venture Capital. This latest round of financing will be used to fuel the company’s growth and transformation of the intelligent home marketplace by supporting the continued evolution of their innovative technology platform and the growth of the company’s employee base.
Neurio is a revolutionary new technology that delivers improved home security, comfort and energy efficiency. Neurio makes ordinary homes smart by monitoring individual electrical devices such as appliances, water tanks and heating and cooling systems, through a single sensor installed in the home’s breaker panel. Neurio then uses smart cloud-based analytics to figure out what individual appliances are up to—without the need to install sensors on every device. Users interact with Neurio through a simple, intuitive, customizable app that acts as a homepage for the home, giving users information they care about most so they are always in the know. With Neurio, users can also set up notifications to send a message when the wash is done or detect when the garage door opens. Neurio will even remind customers when they forgot to turn something off. Neurio also offers an open API and is developer-friendly.
“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 is a leading home intelligence technology company that’s turning the smart home market upside down. By using a single home sensor and some really smart cloud-based analytics, Neurio can monitor individual electrical devices from inside a home’s breaker panel without the need to install sensors on every device. Homeowners will finally know what’s going on in their homes and gain better security, comfort and energy efficiency. Neurio is headquartered in Vancouver, BC. For more information, visit https://www.neur.io/.
About BDC Capital
A subsidiary of the Business Development Bank of Canada (BDC), BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1.6 billion under management, BDC Capital takes a strategic, patient approach to nurture companies’ development over the long term.
From venture capital and equity, to growth and transition capital, our team of over 100 experienced, local professionals partner with entrepreneurs to identify and meet their needs on flexible terms. Some of the sectors in which we specialize include IT, industrial/clean/energy technology, and healthcare. For more information, please visit www.bdccapital.ca or follow us on Twitter at @BDC_Capital.
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