Sensorfact raised €3.7M in a Series A round of funding backed by Korys, FORWARD.one and EIT InnoEnergy.

Sensorfact, an Utrech, Netherlandst-based SAAS developer of an Intelligent Energy Management System (IEMS) to help industrial companies reduce their energy consumption, announced securing funding of €3.7M ($4.4M) in its Series A round of funding.

The money was raised from investors including Korys, the investment holding company of the Colruyt family, existing shareholder and VC from Amsterdam FORWARD.one, and EIT InnoEnergy.

Sensorfact, founded in 2016 by Massimo Coduti, Pieter Broekema, and Sjoerd Sloterdijk, built an Intelligent Energy Management System (IEMS) offering energy consumption insights for industrial SMEs. The platform offers wireless, non-invasive energy sensors that are easy to install. The company’s web-based analytics platform gives real-time insights into energy usage on a machine-level. The company’s smart algorithms detect energy anomalies and other energy-saving opportunities that are presented in a tailor-made report. It claims that, on average, its users save between 5-10 per cent on their energy bill.

Sensorfact previously raised €1.25 million from Forward.one in 2019.