Disclosure: AFN’s parent company is AgFunder.
- TablePointer has raised $3 million in seed funding for energy efficiency SaaS (software as a service) technology it offers via subscription to small- and medium-sized businesses.
- Wavemaker Partners, AgFunder and ENGIE led the round.
- Funding will go towards new features for the TablePointer platform as well as expansion into new markets.
How it works:
TablePointer says that while solutions exist to help large businesses and facilities, there are none that adequately serve smaller players. It’s the latter TablePointer aims to help with its AI-based “intelligent” energy management platform.
- TablePointer installs IoT devices at the customer’s location(s) that collect data from energy-heavy equipment such as exhaust fans, air conditioners and refrigerators.
- TablePointer’s algorithms are self optimizing, meaning they can use the data collected to determine where the greatest energy-saving needs exist.
- The company then installs automatic controls to regulate equipment based on demand.
- There is no up-front cost for the business, Tablepointer operates a “pay-as-you-save”.
Why it matters:
Rising oil and gas prices have driven up energy costs in Singapore and elsewhere, increasing the urgency for businesses to reduce their energy usage. But most businesses, whether retail, F&B or others, aren’t equipped with the time or skillsets to manually optimize their equipment and capture savings on energy.
Meanwhile, the energy supply sector (e.g., electricity, heat, etc.) is the world’s largest contributor to greenhouse gas emissions, according to the United Nations. Energy accounts for 35% of total emissions worldwide; residential and commercial buildings use over half of all electricity generated.
With its plug-and-play system, TablePointer hopes to enable small- and medium-sized enterprises to manage their energy more efficiently, and without those businesses incurring major financial burdens.
At the moment, TablePointer works with many companies in the food and beverage industries.
“TablePointer’s Energy-Efficiency-as-a-Service model helps food and beverage businesses manage their energy consumption while reducing their carbon footprint by eliminating the need for costly and complex facility upgrades, leading to optimal savings,” Thomas Baudlot, CEO for Energy Solutions APAC and country head for Southeast Asia, said in a statement.
“This allows businesses to stay competitive while contributing to climate change efforts.”
While TablePointer’s main business is currently F&B, the company says its platform will benefit any decentralized facility with a high-energy footprint. Some examples could include cloud kitchens, food processing facilities and kitchens inside of hotels and conference centers, though TablePointer declined to go into specifics.
The company is keeping its customer numbers under wraps as well at this time, though Steve Melhuish, chairman of TablePointer and founding parter at Wavemaker Impact said there has been “fast adoption by both small independent outlets, as well as some of the largest most recognizable F&B chain brands.”
Angela Tay, senior investment associate at AgFunder Asia, told AFN that TablePointer has a first-mover advantage, too.
“TablePointer has a first mover, leadership advantage in the highly fragmented $20 billion Asian energy efficiency market,” she said. “In Asia, there are simply no solutions similar to Tablepointer’s.”
The seed funding will enable TablePointer to further expand its technology platform to include new features and products. The company will also expand into additional markets beyond Singapore in the future.
The company’s successful seed raise is in line with the current boom in overall climate tech investment.