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Enesource, a Chinese carbon emissions management service provider, announced Wednesday that it has raised 50 million yuan ($7.9 million) in a B round of funding with investment from Sequoia Capital China. Force Capital acted as the sole financial advisor to the company in connection with the agreement.
The company, headquartered in Shanghai, was established in March 2017. Based on the application of AIOT technology, the company enables customers to take advantage of a series of carbon tube services, including process of “research, observation, measurement and control of carbon”. Its founding team members come from Accenture, State Grid Corporation of China and other leading consulting institutions and energy groups included in Fortune Global 500.
Enesource’s growth process is closely linked to the Chinese government’s official strategy of “new infrastructure” and “carbon neutrality”. The company’s founder, Huang Wei, said that since its inception, it has launched various SaaS (software as a service) related products for energy efficiency, helping its enterprise users to visualize, calculate and control their data. .
Enesource has gained contact with many major energy institutions, government agencies and private companies after entering the market. His team realized that only by inventing the products for different practical scenarios can the company truly provide valuable services. Therefore, the company’s product matrix is divided into three product directions segmented according to the needs of different customers, namely government, power grid and energy groups, and other enterprises.
Currently, the company employs around 50 people and has entered a period of rapid growth. The team has served many local governments and over 10,000 industrial and commercial enterprise users. Moreover, its business nearly doubled in 2021, while in 2022 the team plans to deploy products for more than 6,600 industrial and commercial users in the Yangtze River Delta region.
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Regarding the company’s future development plan, Huang said that for local governments, credible and timely data on carbon emissions and energy consumption data of companies should be integrated into key indicators. of the local region, such as the economy, governance and people’s livelihoods. Only in this way can the balance between several objectives be achieved. For companies, accurate, credible and real-time analysis of carbon emissions data can help them achieve the goal of decarbonization, carbon finance and communicate their data more effectively.