Eliq secures €3m in investment funding, expands its UK market presence for an SaaS solution for the consumer utility market.

Eliq, a Göteborg, Sweden-based energy management company, announced closing a €3M ($3.53M) investment funding round.

The money comes from existing investor CBC Investment and from a syndicate of around 70 angel investors and will be used to to help accelerate market adoption of its customer engagement platform with particular focus on the UK market.

Eliq, founded in 2008 by Olof Hartelius, Joakim Botha, Håkan Ludvigson, Joakim Fischer and Joakim Ottander, is a tech company specialized in analysis and visualization of energy data. Eliq developed a SAAS customer engagement platform offering monitoring, control and advice on energy use at home. The company recently announced a partnership with Canadian IT giant CGI, to resell its customer engagement platform as part of CGI’s utility billing system software.

Prior to this transaction, the company raised funding from CBC in 2016. With this money in the bank, Eliq intends to further accelerate the development of the company’s product and artificial intelligence (AI) technology, so that it can begin a Series A-funding round during the course of 2018.