San Sebastian-based Wattio has disclosed a €1.25 million investment that will push the commercialization of its smart home product, after three and a half years of research and development.
The investors were not named, but the company says they are “local business leaders with experience creating internationally successful companies.”
Wattio was founded by Patxi Echeveste in 2010 to create an integrated system that allows customers to keep track of electricity use in their homes, as well as control appliances from afar via a web and mobile interface. The product has been commercially available since June of this year, and aims to help customers save on electric and heating bills, as well as make their homes more secure.
Wattio’s product is currently available through home improvement retailers including Leroy Merlin, and online via Amazon in the U.S. The company has also partnered with electricity and telecommunications contractors and service providers. It currently sells the system on its own web site for €144.98.
Echeveste said the new investors will bring international experience and business expertise that will help the company sell its product worldwide.
The investment follows a €500,000 injection in 2012 by Gestión de Capital Riesgo País Vasco through its Ezten FCR fund. Wattio also ran a campaign on crowdfunding platform Indiegogo in 2013 that raised more than €90,000. All units of the system sold via the crowdfunding effort were delivered earlier this year.