In this Research Note, we examine Enerbrain Srl, the Italian startup offering energy retrofit solutions for large buildings.  This analysis covers their 2021 financial performance, stakeholders, funding and recent projects.

This article, part of a series covering the activities of new entrants such as Haltian, Nuuka Solutions, Spica Technologies and Flowscape updates the information in our 2021 Startups Report and our 2022 Digital Workplace Report.

Founded in 2015 in Turin, Italy within the Innovative Enterprises business incubator of the Politecnico di Torino, Enerbrain offers a solution using IoT hardware and algorithms in the cloud to fine-tune energy usage in real-time, achieving energy savings of up to 30%. The main focus goes beyond energy by providing improved indoor air quality and educating occupants in order to generate a wider social impact thanks to mobile engagement tools and a new way to access data across devices. The system is compatible with existing building management systems, simple to install and works without the need for expert supervision.

The company has optimized 450 buildings across the office sector, shopping centres, banks and railway sector. The firm is present in 13 markets and has 3 offices located between Europe and Asia, establishing itself on the international market.

Enerbrain closed 2021 with revenue growth of 54% to €7.1 million, compared to 2020. 2021 also led to a further increase in the workforce to a multidisciplinary team of more than 50 people.

Growth was also confirmed by the strengthening of its shareholders' equity, with the entry of new shareholders in the €5.2 million Series B funding round completed in July 2021. The round saw participation from EDF Pulse Croissance (the corporate venture capital fund of the EDF Group), IREN (a company operating in the electricity, heat and gas sectors), EQUITER Rif-T and AZIMUT Libera Impresa SGR’s Digitech Fund and GELLIFY. The capital raised will enable Enerbrain to fulfil its ambitious 2021-23 industrial plan aimed at strengthening its international market position, developing new business models, and making R&D investments.

An earlier €2 million seed round in April 2019 attracted a group of investors consisting of strategic investor, Controlli (Italian HVAC valves and actuators supplier), Iren, GELLIFY and Boost Heroes who subscribed to the capital increase. The objective of the round was to support the internationalization of Enerbrain and the development of new patents for energy efficiency. Total disclosed funding to date amounts to $7.9 million.

In 2021 it launched 5 new major projects, four of which at a European level and one on a global scale, which are being implemented and for which it has provided its core Smart Building and Energy Monitoring solution. 

Enerbrain is also working on a solution for energy communities, implementing the concept of energy as a service to orchestrate energy loads and renewable energy production within the community.

Enerbrain’s goal for 2022 is to target revenue exceeding 10 million euros.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.