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received a capital infusion of $4 million in seed funding to accelerate the development of its suite of environmental and energy cost-saving products.

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led the round, joining , senior executives from and and , which previously invested in PowerX. In addition to the new round, PowerX raised $400,000 in pre-seed funds, according to , founder and CEO of PowerX.

Sch枚nfeld founded Brooklyn-based PowerX in 2020, creating a line of precision sensors that gather data about a home鈥檚 electricity, gas and water usage. The company then leverages artificial intelligence to optimize the utilities, saving homeowners, on average, hundreds annually on their utility bills after installing PowerX, he told Crunchbase News.

The sensors can also assist with reducing a household鈥檚 carbon output, reminders to turn off or unplug appliances, alerts to replace broken appliances, and water leaks.

鈥淐limate technology is so important, and it is not just knocking on our doors, but knocking them down,鈥� Sch枚nfeld said. 鈥淲e have a suite of products that are quick to install and take down. With the data we get, we can drill down and say your washing machine is costing you three times what you should be paying.鈥�

, managing director of Spring Tide Capital, said in an interview that he saw what Sch枚nfeld and his team were doing as 鈥渆xtremely rare.鈥� Not only was it a money-saving device that took only 15 minutes to install, but it was saving money with no diminishment of service.

He also liked that Sch枚nfeld wasn鈥檛 afraid to get his hands dirty: Rafael met Sch枚nfeld and his partner in Sch枚nfeld鈥檚 garage where they were hand-soldering the sensors.

鈥淚t鈥檚 so rare to find a company that makes money and reduces carbon footprint,鈥� Rafael added. 鈥淎s we started to get to know Manu, we realized he is a rare breed. He spent years at and the , so he is highly analytical, but he is also very scrappy. He has horsepower, but is also willing to roll up his sleeves and get it done.鈥�

Meanwhile, the new funding will go toward hiring engineers, marketers and data scientists, product development and its warehousing, and supply chain capabilities.

The company also offers enterprise tools designed to help large building owners and operators understand their carbon emissions, energy and water costs.

Sch枚nfeld expects to begin shipping products later this year and recently concluded a campaign to fund the first production run.

“We intend to get an amazing team together,鈥� he added. 鈥淲e want to be in 10,000 homes by the end of the year in the U.S.鈥�

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