During the first semester of 2023, Austrian households experienced a 25% hike in their energy bills compared to the previous year. For businesses, the increase was even sharper—a 60% increase in electricity costs. While discussions about sustainable energy often center on transitioning to renewables, there’s another critical dialogue: the push for increased energy efficiency and equipping consumers with tangible, actionable data about their energy use. We talked about this topic with the founders of EnergyTrack, a startup empowering businesses with clear and actionable energy consumption data.
“There’s considerable discussion about developing renewable infrastructure, yet talk of reducing consumption or enhancing efficiency is relatively less common.” Kyle Yong, co-founder of EnergyTrack, noticed. His co-founder Thomas Keil, a mathematician adept at navigating complexity to deliver simplicity, concurs: “The topic of energy is more prevalent because people actually suffer from it: the high fluctuating energy prices and how the billing works is something that is hard to understand.“
From darkness to data and how EnergyTrack works
Their venture journey began in October 2022, and in less than a year, they have already collaborated with six diverse small and medium enterprises to refine their prototype through pilot testing. These pilots have yielded enlightening insights. “Contrasting working and non-working hours, we found that up to 70% of energy use occurred when businesses were closed—highlighting a significant opportunity for savings,” Kyle observes.
Currently, their technology and platform allows doing real-time monitoring, identifying peaks, or if there’s an overconsumption of specific appliance or devices in real-time. Which then they use to give suggestions to businesses on what to do. “In the end, it’s also about promoting a more sustainable consumption behavior of energy”, states Thomas.
As they gear up for a market debut, Tom and Kyle are actively looking for partnerships with pilot companies, experts and researchers focused on machine learning and energy disaggregation. They’re committed to honing their product, broadening their service, and empowering both consumers and businesses to master their energy use.
Their innovative approach has already garnered attention; they’re now involved with the Re:Wien and Grow accelerator programs, as well as having gained the support of the Austrian Wirtschaftsservice (AWS) through the First International Incubator program.