SteamaCo completes $5m financing
SteamaCo, a UK technology supplier to utilities in Africa and Asia has announced a $5m equity financing round.
Praetura Ventures and Shell co-led the Series B round, which brings the firm's total invesment to almost $10.5m.
Founded in 2012, the Manchester-based firm claims its smart metering technology and cloud software run is 100 times more efficient than comparable services, enabling utilities to operate in previously unreachable locations.
"We are delighted to welcome Praetura and honoured to have continued participation from existing shareholders," said Harrison Leaf, CEO and Co-founder at SteamaCo.
"Automation is a key part of the historic privatisation of utilities in Africa and Asia. Tens of thousands of times each day, our product processes tariffs, monitors grid health and helps technicians, agents and consumers seamlessly go about their daily business.
"It is hugely motivating to everyone at SteamaCo that our work helps bring electricity to those who have never had it.”
Brian Davis, Shell vice president energy solutions, said: “Through its support of mini grid operations, SteamaCo is just one example of how Shell is moving towards its ambition to deliver a reliable electricity supply to 100 million people in the developing world by 2030.”
SteamaCo was one of Praetura's initial investments from its first £15m enterprise investment scheme fund.