Encored Technology has secured a US$10m (KRW 1.17b) investment from QSP which is run by Soros Fund Management. The company is a specialist in Internet of Things (IoT) and big data analysis with a particular focus on technology that assists in energy conservation. Encored Technology will utilize the investments towards developing their market presence in USA and Japan.
A key factor for QSP in this investment was Encored Energy’s big data technology that has a proven track record in Korea’s home market demand. QSP aims to increase the domestic market presence as well as launch the technology globally. LG U+ is also confirmed as a contributor to the investment fund and will lead the oversea market with communication and IoT solutions.
The Energy Meter developed by Encored utilizes a single sensor to provide an in depth energy consumption analysis of the various electronic devices within a household or building. The company secured a high number of appliance registrations after it launched ‘EnerTalk’ an energy meter in September. Since then, the solution has increased registrations by 10 – 20% each month.
Encored now aims to take the success in Korea to target the Japanese energy solution market. In January next year, Encored will register the company in Tokyo and are in supply negotiations with Japanese mobile communication service providers SK Telecom and KT.
Among business leeway in Japan include an MOU signed for the supply of products to SPC, a digital smart city created between 27 Japanese energy and communication companies. The level of activity from Japanese communication and energy companies has been high with the Japanese government supporting 700 retail and wholesale companies opening their operations next year.
Following the Japanese market, the company will launch in USA where Encored USA is in product development with a US energy company targeting technology for buildings and large businesses.
Choi Jong Woong form Encored commented, “Supporting our efforts to enter the Japanese market, we have been successful with investment from Quantum”. “Our increased company capital will allow us to mass produce products we have developed with our electronic and communication company partners. Our aim is to make the products globally available to communication and energy companies”.