SimpTek Technologies, a Fredericton maker of energy monitoring software, has raised more than $700,000 in equity funding from the New Brunswick Innovation Foundation and several angel investors.

The company said in a statement the funding will help SimpTek pursue new business opportunities and expand into new markets across Canada and into the U.S. It will also be used to expand the company’s technical, sales and marketing capacity.

Founded by Asif Hasan, Lionel Fernandes and Keelen Gagnon, SimpTek has developed a product that can assess the energy usage throughout a home. It gives the homeowner detailed, real-time information about what appliances or components of the house are using how much energy; and it provides a utility with detailed aggregated information about energy usage in its customer base. SimpTek’s platform helps utility companies to better engage, understand and communicate with their customers.

“Most people don’t realize that power utilities spend tremendous amounts of money to meet the peak demands of their customers and how working together to bring down peaks could have tremendous benefits for both customers and utilities in savings and using less fossil fuels,” said Innovation Foundation CEO Calvin Milbury in the statement. “SimpTek’s technology can help reduce the expenses utilities and consumers face at the same time, and that’s exactly the kind of innovation we invest in.”

NBIF Increases Breakthru Pot to $1M

Founded in 2014, SimpTek was the runner up in the 2015 Breakthru competition, NBIF’s biennial competition for new startups. The company won $222,250 in cash and in-kind services in the competition. The company also graduated from the Propel ICT Build Program. 

Simptek has now completed the first phase of its pilot program with NB Power. Next year, SimpTek will start pilots with various utility companies across North America.

“Today, utilities want to take energy efficiency and savings to the next level by providing customers with precise data about how and when they use electricity,” said NB Power CEO Gaetan Thomas. “Our hope is that [SimpTek] can provide the whole industry with an important tool for customers and utilities to better understand and change electricity behaviors for everyone’s benefit.”

Added SimpTek CEO and co-founder Asif Hasan: “We’ve been extremely pleased with the results of our pilot programs to date and the positive feedback from the consumers and the utilities. We are excited to build upon our success to date and to expand the team with the financial support from these investors.”

The company added it will be hiring new staff to accommodate the growth.