Startupbootcamp’s Virtual Demo Day

Not to be defeated by the Victorian government’s Stage 3 Covid19 restrictions, Startupbootcamp decided to stream the latest Energy Australia Demo Day online. It was a bold move given that a key value of these events is the opportunity to see and meet the startup founders in person. But to the organizers’ credit, and with support from their corporate sponsors and mentors, as well as the founders themselves, it was an impressive event, and managed to connect the teams with their audience effectively.

The nine projects in the order they presented (website links embedded in the names) were:

17TeraWatts

Focused on “meeting the demands of the new solar customer”, 17TeraWatts monitors residential solar energy systems via a combination of data automation and behavioral science. It achieves this via “Bodhi 2.0”, a digital assistant for modern energy companies, designed to be the “heart and brains of home energy systems”. Once installed, it is forecast to to generate a recurring revenue stream for the 25-year life of a solar system, by delivering reporting and customer leads. At the other end, solar consumers are willing to pay for more information about, awareness of and control over their energy systems ans consumption. Currently exploring a partnership with DiUS, Bodhi 2 is also being deployed by a Victorian electricity retailer.

Renbloc

Another team addressing energy efficiency management, Renbloc provide a solution to help consumers by bringing transparency to the verification of renewable energy sources. For a monthly fee, it brings real-time monitoring and optimization to consumer energy consumption. Renbloc are also working with companies such as Asahi and Energy Australia to provide verification “certification”, a form of energy labelling that can be applied to a wide range of consumer products.

Machine Dreams

The founders at Machine Dream are deploying machine learning and data analytics to monitor equipment failure, by detecting defective power assets owned and managed by energy distribution networks. Using system-generated photos to train the algorithm, Machine Dream claim significant reduction in the time and cost it traditionally takes to monitor network equipment, and with higher accuracy rates. The overall effect is to enable the frequency of assessment, and the reduce the cost of assessment. Currently in trials with Ausnet to monitor the “poles and wires”, Machine Dream can also be used for other infrastructure assets such as bridges, railway tracks and roads. The team plan to offer licensing and SaaS business models to asset managers and manufacturers.

GenGame

This is a customer engagement platform, delivering consumer apps for energy retailers to help their customers track retail energy bills (optimization, rewards, incentives, etc.) using customized profiles. The founders claim that customer relationships become stickier, via the low cost/low touch engagement. The team comprises a mix of creatives, energy industry experts and software developers to license client solutions which are priced on the set-up costs and the number of end users. Apparently, only 10 out of 40 energy retailers in Australia have a mobile app, and GenGame has two pilot projects with Energy Australia.

Energy Master

Another solution for energy efficiency, Energy Master is focused on helping corporate clients manage their utility bills. Essentially a business information platform, the application reviews consumption, taxes and fees, tariffs and off-sets, carbon reduction and water savings. It charges 0.5% of managed energy costs as a recurring fee, and does not require any hardware investment by clients. Currently running clients trials with Energy Australia.

ELDO MeterStack

This team is also addressing energy data analysis, but at the level of the grid, particularly at the fringe end of the distribution network. Their thesis is that consumers are not engaged, and don’t know how to understand their utility data or how to value it; meanwhile, energy companies cannot access consumer data. Positioned as a data market place between consumers and energy service providers, it offers a turnkey solution for the new breed of “digital utility” companies, and is working with DiUS and MHC to support distributors and the fringe of the grid.

Energos

Describing its solution as “intelligent nodes for distributed energy systems”, Energos is using AI for energy monitoring, management and optimization. Focused on business and industrial clients, the system can operate across multiple sites and in multiple countries, ideal for multinational corporations. Adopting a monthly subscription fee model, Energos is working with Energy Australia on a pilot solution for a business client.

BEAD

Using a combination of sensors and software, the team at BEAD are delivering intelligence solutions to help building owners, managers and occupants to manage “over heating, over cooling, over lighting”. With tag lines such as “listening to your building”, and “intelligent buildings you deserve”, BEAD is aimed at telcos, smart cities and BMS & HVAC vendors. Their system analyses occupancy flow, and develops digital models of buildings to track body heat (an important consideration in the Covid19 era, as well as events such as building fires, floods and earthquakes). They also work with building insurers to deliver real-time monitoring via Blockchain and smart contracts. Claiming to deliver 30% savings in energy optimization and efficiency, BEAD is working with Energy Australia, Hydro Tasmania and Asahi.

Liquidstar

This startup deploys Blockchain enabled apps to monitor their partners’ IoT connected hardware (batteries and container charging stations). Liquidstar is an IoT solution designed to build a “wire-less grid”, with the aim of removing diesel and methane power from communities that do not have access to grid networks. One potential use case could be in battery management for Covid19 quarantine centres.

Next week: Can we come out now?

Demo Day #1 – Startupbootcamp

Energy and climate change are proving to be hot topics in Australia’s federal election campaign. Not surprising, given that proposed changes to current policy settings brought down the last Prime Minister. With that in mind, it was impressive and refreshing to hear what founders participating in the latest Startupbootcamp Energy Australia accelerator program had managed to come up with over the course of 12 weeks. The 10 projects presenting at this month’s Demo Day offered a range of solutions that our political leaders and their advisors might want to acquaint themselves with.

The pitches in alphabetical order were (websites links embedded in the names):

Builtspace

The challenge for many commercial building owners is that their facilities managers lack full visibility into the physical design and fabric of the infrastructure they are responsible for. And much of the in-house knowledge literally walks out the door when staff leave. Builtspace has developed a SaaS platform that creates a “digital twin” of each building, managing everything from the asset condition to real-time maintenance transactions, all connected in the cloud. Claiming to reduce ticket backlogs to deliver a 75% productivity gain, and a 5x ROI, including increased energy efficiency, the founders are currently looking for re-sellers in Australia, and are in the process of raising Series A funding.

Ecologic

A home energy audit app that offers tailored advice at scale, Ecologic uses cloud-based simulations to deliver proposed energy efficiency solutions and enables users to connect to appropriate suppliers. The team has identified that the combination of a lack of independent information, unknown costs (and limited finance) and inadequate service co-ordination creates a barrier to adoption for many consumers. In addition, consumers need simple and actionable insights. Currently generating referral fees and sales commissions, the founders are investigating a subscription model for Uber-style consultations, and a white label B2B solution. During the boot camp, Ecologic has obtained 1,500 customer profiles, identified a channel partnership model with a number of local councils, and secured a pilot integrated utility service with Energy Australia. To address the issue of consumers’ access to finance, the founders are exploring a project finance facility, to offer customers zero upfront installation costs, and using the energy savings to pay down the debt.

Elemize

Using a distributed energy model, Elemize claims to have found a solution to Australia’s comparatively high energy bills. Via its LiberPower application, the team are working with property developers and builders to help them install custom renewable energy solutions to deliver “free energy” to their residents and tenants. Part of the solution involves the system taking control of the batteries in each home, to obtain maximum efficiency.

Fohat

One of the problems with domestic-scale solar energy systems is that we can end up with too many solar units – which in turn can, with things like feed-in supply arrangements, cause network and transmission constraints. Fohat aims to solve this problem with a software solution to manage microgrids. With the owner’s permission, the operating system can have visibility over the whole network by taking control of each battery, by directing network capacity to where it is needed, and/or diverting excess supply into designated batteries. The platform also supports energy trading (but not at the level of individual consumers), and has recently secured a pilot with the City of Melbourne to install a microgrid and battery system at the Queen Victoria Market. The startup profile also mentions the use of blockchain technology, but this important aspect was not described during the pitch.

ivcbox

It was a little difficult to understand what this browser-based video chat service was doing at an energy accelerator. But the fact that it only takes a 1.5% sales commission compared to the 22.5% cost of a face-to-face sale, means it should appeal to energy retailers who have encountered greater customer churn due to price comparison sites and increased regulatory transparency on fees and charges. The service uses facial recognition and identity verification, which means the API platform can also be extended to banks and insurers.

Nostromo

Nostromo has developed a “world first” modular Ice Thermal Energy Storage system, using a glycerol heat conversion process. Typically, 60% of the peak energy usage by a commercial building is for cooling purposes, yet the peak demand amounts to only 400 hours a year. Designed to support demand side management and storage, Nostromo has secured $5.5m in seed funding, including $1.5m in grants to develop demo solutions.

Powerdiverter

Around 2 million homes and businesses in Australia are already using solar energy. Storing and managing that energy remains a challenge. Powerdiverter is a hardware device that uses electric hot water tanks as energy storage units. It doesn’t require any plumbing or additional electrical work. It plugs into the existing solar system to divert all the surplus energy into the tank. A typical lithium battery solution has a 12-year payback, versus 1.5 years with Powerdiverter. The business model includes device sales (7,000 have already been installed, mainly in the UK), a subscription service and licensing agreements with energy providers.

RedGrid

One of the problems with our current electricity network is that it is built on “imposed” grids, not coordinated intelligent devices. This means an overloaded grid, and high energy costs. RedGrid aims to solve this, with a Platform-as-a-Service model, where every smart device will have machine-to-machine communications, delivering energy on demand capability. This so-called “Internet of Energy” is constructed on a decentralised demand management solution that is private, scalable and secure. The team is currently focused on universities and facilities management, as well as consumer markets, and are planning a crowd funding equity raise.

Senno

In an era of growing concern about how social media platforms and other service providers harvest, trade (and compromise) our personal data, an increasing number of Blockchain-enabled solutions are using things like self-sovereign digital identity and attention economics to put consumers in control of their own data, and empower them to monetize these assets. Senno is using digital wallets to help owners secure their personal data and to determine who has access to it, in return for specified rewards. Where does this fit into the energy market? Well, Senno proposes to share (non-personal) data and consumer behaviour on energy usage with retailers, in return for a share of the revenue derived from the metadata, under a SaaS model.

UCapture

According to the founders, consumers want to reduce their carbon footprint, but they don’t want to pay to do so, they are reluctant to change their behaviours, so they need incentives to do so. Using a browser extension (Chrome and Firefox), UCapture enables consumers to shop online at participating retailers and “earn” carbon credits in return. Consumers can also receive coupon codes. UCapture receives a sales commission on each transaction, and allocates 2/3 of the commission to carbon offset projects. (While unexplained during the pitch, it seems that each purchase is calibrated to an equivalent amount of carbon offsets – whether that is based on the ticket price, or the actual carbon footprint of each item is not immediately clear.)  UCapture is enabling corporate clients to batch install the extension on their networks, allowing their employees to participate. On the positive side, UCapture is giving consumers indirect access to carbon credit schemes which are often only available to wholesale participants. On the negative side, it does seem incongruous to be encouraging consumers to spend more and to buy more stuff, in order to save the planet.

Next week: Demo Day #2 – Startmate