Global energy management and automation solutions provider Schneider Electric (EPA:SU) has formally launched its own dedicated venture capital funding outfit.
Initial noises about the move appeared on investors’ and analysts’ radars in October when the Rueil-Malmaison, France-headquartered company led a $18 million financing for Sense, a developer of home energy monitoring systems.
Announcing the move at its Innovation Summit in Atlanta, U.S. on Tuesday (November 13), Schneider Electric said the dedicated VC funding unit will boost its innovation ecosystem and nurture “tomorrow’s transformational and disruptive innovations.”
The unit – ‘Schneider Electric Ventures’ – will have up to €500 million ($565 million) of dry powder to invest in incubation projects, partnerships with entrepreneurs, and specialized funds, and would “welcome ideas” from innovators and entrepreneurs eager to turn their concepts into reality.
The Sense equity raise might well have caught the public’s eye, but Schneider Electric’s Chairman and CEO Jean-Pascal Tricoire told your correspondent that his company’s VC foray is already well underway with five other equity investments.
These include – Element Analytics (industrial big data analytics firm), Habiteo (3D specialist for new residential housing), QMerit (dubbed the “Uber” for contractors and Maintenance, Repair and Operating spend), KGS, (predictive engine for “just-in-time” maintenance) and Claroty (Cybersecurity company for industrial operational technology networks).
Furthermore, Schneider Electric Ventures has already evaluated over 200 ideas, with Tricoire describing it as the natural way forward for a unit that’s part of a parent company with over 20,000 patents that are either active or in application worldwide. Schneider Electric sees “enormous opportunities” with the world moving from a “largely fossil fuel-driven economy to an electrified economy,” the CEO added.
“We believe innovation is the essential precursor to sustainable growth as we move toward a world that is more connected, greener, efficient and sustainable. Beyond the imperative of finding solutions that will protect our natural environment, companies need to satisfy non-stop growth in global energy demand, adapt equipment for a hyper-connected industrial ecosystem, and comply with ever-stricter regulation.
“Schneider Electric Ventures is our way of helping innovators turn their vision into reality and make a real difference to the way we live and work. It demonstrates our commitment to innovation, helping innovators and entrepreneurs who share our values develop their ideas and gain access to global markets.”
Schneider Electric currently spends €1 billion a year on research and development; and enhancing EcoStruxure, its IoT-enabled, plug and play, open, interoperable, architecture and platform for connected energy management and industrial automation.
About Schneider Electric
Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. We provide integrated efficiency solutions, combining energy, automation and software. In our global Ecosystem, we collaborate with the largest Partner, Integrator and Developer Community on our Open Platform to deliver real-time control and operational efficiency. We believe that great people and partners make Schneider a great company and that our commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment.
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