Neurio, a home intelligence technology company, formerly known as Energy Aware, has secured CAD1.5 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, customisable 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 CAD71 billion by 2018 as new technologies promise to improve security, convenience and energy efficiency for everyday consumers and businesses,” says 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,” says 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 fulfil its goal to transform the way people interact with their homes.”
