Just eight years after being founded – AI climate tech firm gets snapped up by giant ABB

AI-driven algorithms to boost energy efficiency are increasingly taking centre stage in the climate tech sector. Swiss engineering giant ABB is now strengthening its foothold in this rapidly growing field with the acquisition of Netherlands-based Sensorfact BV.

Sensorfact launched in 2017 with a software solution that aims to help small and medium-sized companies lower their energy bills and emissions with the help of AI, and now has more than 250 full-time employees with offices in Utrecht, Amsterdam, Barcelona and Berlin.

“ABB and Sensorfact are on a mission to help companies improve their energy efficiency, reduce maintenance costs and boost production, says Massimiliano Cifalitti, President of ABB’s Smart Power division. “This acquisition advances our digital strategy and provides an innovative way for customers to digitalise their manufacturing operations – helping them to become leaner and cleaner.”

Smart platform monitors energy use

Sensorfact offers what it calls a smart factory platform that uses sensors and AI algorithms to measure and analyse energy consumption on machine-level and identify opportunities for savings.

“We help customers achieve significant savings and continue to innovate to help customers further reduce their industrial waste,” Sensorfact CEO Pieter Broekema says, adding that being part of ABB will help the company enter new markets faster.

Broekema founded the company after working as an energy consultant and seeing how difficult it was to identify energy savings for manufacturers.

"The cost of submetering was excessive, installing the sensors caused downtime and analysing the data was difficult," Broekema writes on his company's website. "These challenges motivated me to find a solution for manufacturers."

Quick successful exit for investors

ABB did not disclose the value of the deal, but it represents a successful exit for Sensorfact’s investors – less than eight years after the company was formed.

One of its major investors is Blume Equity, a London-based growth equity firm focused on scaling sustainable businesses. Blume joined as an investor in 2023 as part of a €25m Series B funding round and revealed that Sensorfact’s annual recurring revenue more than doubled during the 18 months it was in their portfolio.

Previous investors included FORWARD.one, a Dutch venture capital firm focused on hardware startups; Korys, the Belgian investment arm of Belgium's wealthy Colruyt family; and SET Ventures, an Amsterdam-based fund specialising in smart energy solutions.

"It was a privilege to work with Pieter and his team to build a European leader in AI-driven energy efficiency solutions,” says Eleanor Blagbrough, co-founding partner of Blume Equity. “The great success of Sensorfact underscores the opportunities for European companies that deliver both financial and climate benefits to their customers."