Cambridge Enterprise is celebrating another win with the acquisition of Smap Energy by Enechange.
Smap Energy, a UK-based smart meter data analysis technology developer spun out of University of Cambridge, agreed to an acquisition by utility switching service Enechange for an undisclosed sum today.
The transaction is expected to close by the end of this month, when Smap will become a wholly-owned subsidiary of Enechange. The deal will provide an exit to investors including Cambridge Enterprise, the tech transfer office of University of Cambridge.
Enechange first purchased a majority stake in Smap in 2017, and will own 100% of share capital once this latest deal closes. The two have already collaborated on deploying Smap’s technology among Enechange’s client base.
Founded in 2016, Smap Energy has developed a smart meter data analysis software-as-a-service platform. The technology is based on PhD research by co-founder Yohei Kiguchi.
Smap emerged out of the Cambridge Energy Data Lab, which had already spun out Enechange in 2015 and incorporated it in Tokyo, Japan.
Paul Monroe, director of Smap Energy, said: “We are very excited to announce this transaction and we are looking forward to further expanding our work with Enechange. It has been an exciting journey to bring our two companies that were started in a flat in Cambridge together.
“I would like to thank our investors, clients, colleagues, University of Cambridge, as well as family and friends for supporting us.
“Energy data products and services are an increasingly necessary part of accelerating the energy transition and promoting global decarbonisation. We now have a new goal — building a $1bn-plus energy tech company together.”
Enechange participated in a $324,000 seed round for Smap Energy in January 2018, led by energy retailer Looop. Smap had already collected $215,000 in pre-seed financing from undisclosed investors a year earlier.
