German smart meter developer SpotmyEnergy announced that it has raised €10.5 million (USD $11 million) in a seed funding round, with proceeds to be used to meet product demand and further develop its technology and solutions for household energy management.

Established in 2023 by German cleantech serial entrepreneur Jochen Schwill, SpotmyEnergy develops and installs smart energy consumption meters, and provides a system for optimizing energy use, energy generation, energy purchase and energy sales. This enables users to save on energy costs and gain more value from other sustainability measures such as heat pumps, EVs, energy storage systems and power produced from photovoltaic systems installed on their rooftops.

According to SpotmyEnergy, the new investment will enable the company to expand its core team, and build its sales capacities to meet growing demand, as well as to accelerate the development of its system for optimizing connected households, focusing on compatibility with devices from various manufacturers and on the implementation of intelligent trading algorithms for managing residential battery storage.

Of the 53 million electricity customers in Germany, less than two percent currently own a smart meter, according to SpotMyEnergy. In addition, intelligent control of electricity consumption based on market or grid signals has not yet been widely adopted. SpotMyEnergy said it seeks to rectify that with its system, consisting of a smart meter, energy management system, and time-of-use electricity measuring system. The company added that it seeks to integrate private households into the energy market through intelligent networking and use the resulting flexibility to accelerate the energy transition.

Schwill said:

“Over the past year, we successfully launched our product in the market and have seen significant demand for our solutions. To meet this demand more quickly and unlock the much-needed potential of connected flexibility behind millions of meters, we decided to raise fresh capital.”

The round was led by Norrsken VC, the investment arm of the Swedish Norrsken Foundation. Additionally, Vorwerk Ventures joins as a new investor alongside existing investor Picus Capital.

Fabian Erici, Principal at Norrsken VC, said:

“Households are key to a green energy future—both as producers of green power and managers of flexible energy assets. Yet, their potential remains untapped, and installers lack the tools to unlock it. That’s why we’re thrilled to back the experienced Spot My Energy team empowering households with an all-in-one solution that cuts energy bills while driving the green energy revolution forward.”

Schwill added:

“We are thrilled to have found three investors – Norrsken, Vorwerk Ventures, and Picus Capital – who share our vision of a transparent, affordable, and sustainable energy supply for private households and who also bring cleantech expertise to the table.”