Energy management firm CarbonTrack has completed a AU$2 million funding round, which sees its valuation boosted to AU$23 million.
The Melbourne-based startup said it plans to spend its recent funding on opening offices in Sydney, Brisbane, Perth, Japan, and Singapore, in addition to its head office in Melbourne and South African office in Johannesburg.
CarbonTrack said it would also be using the funding boost to create five additional jobs within Australia, including a CEO, a data analyst, as well as support engineers and technicians.
The company's product essentially provides users with a detailed outline of their energy usage, and allows them to control and switch electrical devices and appliances in a bid to "reduce cost, energy use, and greenhouse gas emissions".
"CarbonTrack is an intelligent low-cost energy management ecosystem and Internet of Things platform," the company said. "Its learning algorithms, wireless device switching, independent communications protocol, and demand response capability provide benefits along the entire electricity value chain for energy consumers, distributors, retailers, and generators."
Global CEO Tom Jamieson said CarbonTrack is currently undertaking trials and proof of concept installations in Japan and Singapore.
"In such a short space of time the market has noticed the potential of what we can offer," he said. "CarbonTrack will compete in Singapore's upcoming 'TechVenture International Startup Challenge', and was recently also successful in the NRMA Slingshot Jumpstart Scale up Program."
This recent round of funding follows a successful 'Class A' capital raising of AU$1.3 million, which CarbonTrack closed before the June 30, 2015 end of financial year.
CarbonTrack has recently partnered with various Australian PV Solar businesses and South African-based organisations such as the Chamber of Commerce and Industry Queensland, NuGreen Solutions, EmPower (BlueNRG), Littil, VisionTrak, Cherie Pulse, Vodacom, Builders Warehouse, and the Department of Infrastructure Development in South Africa.
The company also said work is underway with KFC and Subway, with a number of successful trials completed in August; and discussions are underway with Collins Food Group and Yum with a view to rolling out the CarbonTrack technology across their franchises.