Energy intelligence platform startup METRON secures $9.2 million funding to accelerate its international growth and further the development of its AI-based energy solutions
METRON, an energy intelligence platform startup that allows users to process and analyze industrial energy usage data and insights, has secured a new $9.2 million (€8 million) funding to accelerate its international growth, and the further development of its AI-based energy optimization solutions.The investors include BNP Paribas, Financière Fonds Privés, and existing shareholder, Breed Reply, a leading active operational investor in Internet of Things businesses. The startup leverages AI, supported by context-aware Machine Learning and ontologies to provide insight into energy usage and unlock new energy saving opportunities.
Founded in 2013, the Paris, France-based startup helps manufacturers to maximize value from their energy data and deploy their energy efficiency projects within their production processes. METRON works in all sectors of industrial activities, including mining, steel, paper, glass, chemicals, automotive, food & beverage. The company expects to a team of around 100 experts in 2019. Its main competitors are Energy Aspects, Artis Energy and Verteego.
“We have seen high levels of customer satisfaction, as customers experience lower than 12 months payback on their investment. I want to thank them for choosing METRON. This capital raise will enable us to change our commercial dimension and to develop our technology. We aim to become a key global player in industrial energy intelligence by 2022,” Vincent Sciandra, CEO and Co-founder of METRON, said.
METRON offers an energy intelligence platform which collects, aggregates and analyses in real time all types of data generated by industrial systems, while interfacing directly with external data, such as those from energy markets or weather forecasts. The artificial intelligence engine developed by METRON allows manufacturers to effectively reduce their energy consumption and improve their environmental footprint while entering the era of factory 4.0.
The startup, headquartered in Paris, is active in about ten countries and has six operational centers in Europe, Latin America, Asia and the Middle East. The company decided to make Dubai its regional hub in order to respond to the region’s strong industrial potential and growing awareness of energy efficiency issues.
The METRON-EVA Factory (Energy Virtual Assistant) platform provides real-time mapping of all energy flows and visual management of energy performance indicators. Through machine learning algorithms and dedicated knowledge bases, it allow s companies to identify in industrial processes, non-intuitive optimization levers and to support their implementation to generate the expected gains. By interfacing directly with energy markets or decentralized energy assets such as renewable energies, factory operations can be optimized in real time according to production and market context.