8 November 2017, Istanbul: Reengen, an Istanbul-based Internet of Things (IoT)- based energy data analytics startup, has raised an undisclosed sum in a pre-Series A round from idacapital and Cem Tüfekçi.
Reengen will utilise this funding to expand the company’s market reach in Turkey, drive mass adoption via aggressive sales and further build services and features onto their energy IoT platform. In the last 3 years, Reengen received a grant of €1M in total from European Union FP7 Research Projects. Reengen’s target is to serve 1 million buildings as digital energy manager in 5 years.
Reengen’s Energy IoT Platform provides a cloud-based energy management suite that helps CFOs, building operators, and facility & maintenance managers save more than 10 percent on energy costs and provide 600 man-hour operational efficiency/year in average using real-time sensor data. The company is mainly focused on collecting enormous amounts of data coming from disparate sensors, devices and systems and turning it into actionable intelligence. With their motto ‘’Energy is the new Internet’’, the Reengen team believes they are establishing the foundations of future energy internet.
With existing enterprise clients in the Turkish market as well as multiple new clients and partners in emerging markets such as UAE, India, Brazil & Mexico in the pipeline, Reengen has set itself up for an exciting year ahead for the smart grid data analytics and intelligent energy efficiency market, especially due to ongoing incentives and regulations for the adoption of cloud-based energy management platforms.
“We are growing at a very fast rate and need to scale quickly to continue to be a leader in energy data analytics in MEA region and expand to new markets. Our investors provide us a new set of extensive experience, network, and assets in technology and financial ecosystems as well as partners who can assist us in further international expansion” said Sahin Caglayan, Co-founder and CEO of Reengen.
Burak Sefer, Co-founder and COO of Reengen said ‘’The company operates on a software-as-a-service energy management model where the customer does not pay the upfront costs for software licenses. Typically, the customer’s payback starts by a significant amount from the third month onwards.In the coming period, we will further strengthen our software and data analytics team” added Co-founder and VP of Product & Services Utku Simitli.
Cem Baytok, Managing Partner of idacapital, said, “Reengen has a solid value offering with a scalable growth path in Turkey and emerging markets. The founders showed persistence in their venture, created a good product and achieved customer satisfaction. We have been following them since their foundation – they are building not only a high growth, profitable business, but also have a strong impact on energy efficiency. We expect that Reengen will be a leading energy efficiency technology company in our target region. “
‘’We are pleased to support idacapital’s first investment in the Reengen team, who impressed us with their in-depth energy & software industry expertise, passion and determination to realize their ambitious long-term plan of being the largest virtual energy utility of the region. We are confident that with idacapital’s support they will secure their leading position in the energy data analytics space. This is an important investment for our partner fund in Turkey and through this investment, idacapital can play a strategic role in the imminent digital transformation of the Energy sector,” said Dan Kranzler, Venture Partner at Capria Ventures.
Reengen’s Energy IoT Platform is a cloud based PaaS data analytics solution for commercial buildings, industrial facilities and renewable energy plants. Already collecting data from thousands of buildings in 5 different countries, the data science-centric IoT Platform employs machine learning algorithms and big data analytics in order to provide energy saving, operational efficiency, energy procurement optimization and predictive maintenance for its customers. The IoT stack includes connectivity, device cloud, business logic, big data analytics and remote service applications. Through universal connectivity, the Energy IoT Platform strengthens critical power infrastructure, provides demand side management and prevent abnormal energy system operations while helping businesses become more productive and energy efficient. Advanced rule engine, intuitive web dashboards and mobile app makes it more practical to transform facility and plant operations data into performance improvements that save money, enhance sustainability, and drive employee productivity. Energy IoT Platform certified partners such as ESCOs, energy utilities, system integrators and hardware manufacturers can utilize the solution for bringing value added digital services to their existing and potential customers.
idacapital is managing a new innovation fund, investing in innovative startups and bridging them into growth, impact and industry-leading returns. idacapital investing across technology-enabled business verticals focusing on social and environmental impact areas that include financial inclusion; agriculture; healthcare; education services and energy efficiency in Turkey.
This post was originally published on idacapital’s Updates page.