Tewke Secures £2.6 Million for Innovative Energy Control
Tewke, a pioneering Climate Tech start-up, has successfully closed a £2.6 million seed funding round to propel the launch of its flagship home energy control product, Tap, which is an innovative Intelligent Light Switch. The company, founded in 2020 by the notable serial entrepreneur Piers Daniell, is at the forefront of creating a future that emphasizes energy optimization and home automation. The substantial funds raised will be directed toward advancing their domestic energy control platform, aimed at automating energy savings in homes and thus ushering in the next generation of smart home technology. With a clear mission in focusing on residential electricity consumption, Tewke is committed to tackling the substantial energy waste that exists in homes across the globe.
A staggering 30% of all electricity consumed is attributed to the residential sector, with Tewke identifying that an alarming 60% of a home's energy is often wasted.
This wasted energy not only contributes to greenhouse gas emissions but also represents significant financial losses for consumers. In the UK alone, it is estimated that householders waste over £4 billion on energy costs annually, and on a global scale, this figure exceeds £750 billion. Tewke's innovative approach aims to directly address these issues. Initially, the company opened its equity seed round with an ambitious goal of raising £1 million, but due to overwhelming interest from both UK and international investors, they were able to substantially over-reserve, thereby accelerating their development of software and hardware systems that optimize energy usage.
The company's initial product, Tap, was first showcased at a private preview event this October and is set to be presented at CES 2025 in Las Vegas in January 2025. What sets Tap apart in the home automation industry is its design as the first touchscreen light switch that does not require a neutral wire or smart bulbs, making it extremely user-friendly and easy to install without any rewiring needed. This innovative product is being strategically positioned in homes across the US, UK, and Europe. Tewke's founders have ensured that all necessary technologies are developed in-house, from their patent-pending electronics to the unique Tewke OS™, which collectively optimize both energy savings and user experience. The company's commitment to design and innovation has been recognized with the prestigious Red Dot Award for Design Concept, further solidifying Tewke's reputation as a leader in the future of smart energy solutions.
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