The latest capital infusion of AUD$2 million will fund Melbourne based energy management tech start-up carbonTRACK’s plans to open offices in Sydney, Brisbane, Perth, Japan and Singapore. carbonTRACK currently operates offices in Melbourne and Johannesburg, South Africa.
This follows a first ‘Class A’ capital raising of AUD$1.3m in the financial year ending 30th June 2015 of ordinary/ common shares on a pre-valuation of AUD$15m with Wolf Capital as the cornerstone investor of the round.
carbonTRACK raised a further AUD$2m ordinary/ common shares in September 2015 to assist with further market expansion and the commercialisation of its ZigBee measuring and switching technology. Geoff Gourley and Julio De Lafitte, from the Impact Investment Fund are the cornerstone investors of this round. With support from various investors represented by Fairhaven Advisors, carbonTRACK is now valued at over AUD$23 million though it only started commercialising in February this year.
Mr Gourley, co-founder of the Impact Investment Fund and an investor with NuGreen Solutions, who has joined the carbonTRACK board, comments that it’s exciting to see a Melbourne based tech start-up develop a unique technology that can save businesses and homeowners significant money and also reduce carbon emissions while preparing for a truly connected future.
The funding boost is also being used to create five additional jobs in the Australian office, including an Australian CEO, a data analyst, and support engineers and technicians.
Mr Tom Jamieson, global CEO of carbonTRACK reports that the company is currently undertaking trials and proof of concept installations in Japan and Singapore. After its recent success in the NRMA Slingshot Jumpstart Scale up Program, carbonTRACK will compete in Singapore’s upcoming TechVenture International Start-up Challenge.
Mr Julio De Laffitte (MD of JDL and co-founder of the Impact Investment Fund) believes that carbonTRACK is a game-changing technology, which will revolutionise how energy is viewed and used. Having installed it two months ago, carbonTRACK now intuitively controls his energy consumption, helping him save hundreds of dollars. carbonTRACK has also been invited to attend an Australian Trade Mission to Brazil in February 2016 and Israel in March 2016.
Recent strategic partnerships have been secured with various Australian PV Solar businesses, the Chamber of Commerce & Industry QLD (CCIQ), NuGreen Solutions, EmPower (BlueNRG), Littil, VisionTrak, Cherie Pulse, Vodacom (RSA), Builders Warehouse (RSA) and the Department of Infrastructure Development (GDID) in South Africa. Work is also underway with KFC and Subway with a number of successful trials concluding in August. Discussions are on with Collins Food Group and Yum to roll out the carbonTRACK technology across their franchises.
carbonTRACK is an intelligent low-cost energy management ecosystem and Internet of Things platform that provides energy usage insight and allows consumers to control and switch electrical devices and appliances, helping them reduce cost, energy use, and greenhouse gas emissions.