Wattnow, a Climate tech startup specialising in energy management systems, announced today the successful closing of a multi-million dollar funding round.
The round was led by Lateral Frontiers and 216 Capital, with notable participation from Outlierz Ventures, Satgana, Octerra Capital, and a group of strategic angel investors, including InstaDeep founder Karim Beguir and Guillaume Amblard, and a leading Africa-based climate tech fund expected to join shortly.
Founded in 2018 by Issam Smaali, Wattnow addresses the critical need for efficient energy management amidst rising energy prices and the global drive to reduce carbon emissions.
The company’s innovative solution provides businesses across various industries with the tools to optimize energy consumption, reduce costs, and minimize their carbon footprint. By leveraging AI and real-time data analytics, Wattnow’s platform enables companies to visualize and analyze their energy use in real time, offering actionable insights that drive efficiency and sustainability.
The energy management sector is poised for significant growth, driven by a projected 3.3% rebound in global electricity demand and a forecasted tripling of the Energy Management System (EMS) market to $117.8 billion by 2025. Wattnow is strategically positioned to capitalize on this expansion, particularly in its primary markets of Europe and the Middle East and Africa (MEA), where the market size was valued at $11.77 billion and $1.68 billion, respectively.
Wattnow’s proprietary IoT solution integrates hardware and software to offer functionalities such as alerts for faults and anomalies, detailed reports and analytics on energy usage, and predictive recommendations for maintenance and cost optimization. These features empower businesses to achieve significant savings in costs, carbon emissions, and productivity, helping them reach their sustainability goals faster and more effectively.
Wattnow’s innovative platform is already adding value to strategic private and public sector clients across a diverse range of industries, including municipalities, automotive and aeronautics, telecommunications, banking and insurance, transformative industries, oil and gas, construction, and retail. With minimal international commercial presence thus far, Wattnow has successfully covered and delivered substantial value to clients across more than 11 countries, including key markets in Europe, the Middle East, and Africa, as well as North America.
Clients have reported significant savings and improvements in operational efficiency, and Wattnow’s solution has been seamlessly deployed across various regions without requiring a local Wattnow presence. This is a testament to the platform’s competitiveness, value-added offerings, and ease of deployment.
“This funding represents a significant step forward in our journey,” said Issam Smaali, CEO of Wattnow. “With the support of our investors, we are well-positioned to expand our global presence, refine our technological offerings, and continue helping our clients move towards a more sustainable future. The fact that our key clients initially onboarded in Tunisia, are now deployed on multiple continents demonstrates the global appeal and effectiveness of our solution.”
