Hungarian venture capital firm Primus Capital has invested HUF 350 mln into Reimagine Technologies, a company that has developed an energy-efficiency monitor that analyses and optimizes power consumption. The product, called SmartSocket, evaluates the amount of power consumed by various appliances and helps bring down costs for the user, as well as increases the safety factor of the entire system.
Reimagine Technologies is a Budapest-based technology company that operates in the power efficiency market. Headed by CEO Szabolcs Erki, the team has developed the SmartSocket, a device that can monitor, analyse and optimize power usage for commercial building owners. The socket-like gadget can intelligently control any component within the system and thereby increase the safety of the system as well as save money for the owner. It also sports a wireless adapter built by ZigBee, which automatically locks on to existing wireless networks and downloads updates and databases. The entire power network can be controlled through a web-based interface in order to centralized the points of control.
It is an early stage venture, however the company’s leaders have significant experience in the development of the SmartSocket. Remagine has created a new and unique technology, and is constantly looking to make the company profitable. Remagine will use the recently received investment to enter the international market and develop the essential sales channels. They can build on a stable and cutting edge technology and know the competitive landscape.