The company expects to raise further funding later in the year, adding that the latest capital would go towards strengthening its presence in the US.
Cipio’s Christoph Wedegaertner said, “ONZO sits at theintersection of energy, big data and the internet of things.
“We see this as a hugely valuable space. In particular, the utility sector is under increasing pressure from climate change regulation, distributed generation, and customer expectations.
“ONZO has got its focus and timing right.”
ONZO has already announced this year that it will be a launch partner for the SilverLink platform from leading US smart metering company Silver Spring Networks.
Paul Davidson of West Coast Capital, which has joined the ONZO investor group, said, “ONZO can help utilities help their customers to gain control, improve comfort, reduce cost, and address climate change.
“It has been focused on energy data analytics since its inception and has built up the largest proprietary database of high-resolution energy data in the industry providing it with a significant advantage over new entrants to the market.
“I find that extremely compelling.”
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