SteamaCo, a UK-based smart metering technology company with operations in Sub-Saharan Africa and Asia, has secured a $5m Series B equity financing. Praetura Ventures and Shell co-led the investment round, with participation from existing shareholders.
SteamaCo offers a scalable IoT smart metering (IoT-AMI) platform and turn-key solution for managing electricity sales more effectively. Up to two billion underserved energy consumers live in places where the cost to serve is high and the network connectivity is scarce. SteamaCo’s data-efficient energy management system enables power companies in Africa to manage their revenues and improve their operations.
SteamaCo’s smart metering technology and cloud software run on less than 100kB of communications data per meter per month. This is 100 times more efficient than comparable services and enables utilities to operate in previously unreachable locations.
This round of funding supports the company’s continued technology development and growth, enabling reliable electricity services for hundreds of thousands of previously underserved people across the developing world.