TORONTO, Feb. 6, 2013 /CNW/ - The MaRS Cleantech Fund is pleased to
announce the completion of a venture deal with CircuitMeter Inc., which
offers a low-cost, circuit-by-circuit metering solution for commercial
buildings to monitor and reduce energy costs.
CircuitMeter builds cloud-based electrical metering systems for
commercial buildings. At one-tenth the cost per circuit of competing
technologies, building managers and energy service firms can monitor
all energy flows in real time, with intelligent data analytics
providing added value.
"We believe the global demand for low-cost, accurate metering solutions
is enormous, as buildings account for nearly half of global energy
use," says Murray McCaig, co-managing director of the Fund. "Our
intention is to provide enough capital for CircuitMeter to become a
global player in the energy data space."
Dan Seto, CEO of CircuitMeter, says buildings' energy use can be
challenging to quantify. "Commercial buildings are mostly a black box
when it comes to energy use," Seto says. "If you can't measure it, you
can't change it. We bring granularity and analytics to the market at an
affordable cost, enabling facility managers to make the right decisions
about managing their energy costs."
Tom Rand, co-managing director of the Fund, is also the co-developer of
Planet Traveler, North America's lowest-carbon hotel. "When we built
Planet Traveler, I looked extensively for a low-cost metering solution.
I couldn't find one," says Rand. "When I came across CircuitMeter, it
became immediately obvious that they were onto something. These guys
have figured out how to bring real visibility to a building's energy
Michael Ordanis, CTO of CircuitMeter, says its competitive price point
is only part of the company's value proposition. "Our cloud-based
solution lets us do all kinds of valuable analytics, like comparing
equipment across an entire portfolio, or issuing alarms when something
drifts off spec," he says. "We provide intelligent data that enables
portfolio managers to see what's really happening."
The investment in CircuitMeter is the MaRS Cleantech Fund's fourth deal
since its inception in March 2011. The Fund was the lead investor in
the financing, which also included Robert Macintosh, co-founder of the
About the MaRS Cleantech Fund LP
The MaRS Cleantech Fund LP (www.marsvf.com) is a $30 million private venture fund focused on early-stage cleantech
investing, with a unique partnership with MaRS Discovery District. The
Fund invests up to $3 million per investee company. All investee
companies are MaRS portfolio clients. The fund is managed by Tom Rand (firstname.lastname@example.org) (@tomrand) and Murray McCaig (email@example.com) (@murraymccaig).
CircuitMeter (www.circuitmeter.com) produces low-cost electrical metering systems for commercial buildings
that measure and track energy use circuit-by-circuit. Cloud-based
analytics provide historical and real-time analysis, identifying energy
drift from standard operation and fault notifications.
MaRS Discovery District (www.marsdd.com) (@MaRSDD) is a mission-driven innovation centre located in Toronto. MaRS works
with partners to catalyze, accelerate and amplify innovation. MaRS
supports entrepreneurs building Canada's next generation of growth
SOURCE: MaRS Cleantech Fund
For further information:
Manager, Media & Community Relations
(416) 673-8200 x2710
President & CEO, CircuitMeter Inc.
(888) 350-1790 x101