Transitioning from being students with a good idea to a startup with serious investors can be quite a challenge.
The DTU startup Acembee, which has developed an IoT solution addressing construction site power challenges outside of working hours, knows this all too well.
Although the founders are enjoying great success today, it took some time for Oline Stærke and Holger Bregnhøi to properly refine the idea that emerged during their studies at DTU. The turning point came when the entrepreneurs were accepted into the accelerator program Danish Tech Challenge.
‘During the program, we evolved from being two students tinkering with ideas to becoming a real business. We received help with all the legal aspects, connected with investors, and gained exposure to the outside world. We got our act together, so to speak,’ says Oline Stærke.
Together with her co-founder, she has developed a popular proptech tool that intelligently shuts down machines and heating and dims the lights at construction sites when not in use, preventing power failures while also reducing emissions and costs.
The IoT solution reportedly reduces energy consumption by up to 40 percent and lowers CO2 emissions and operational costs, according to the startup. However, it took some time to find the right formula for aligning the product and business plan, Oline Stærke explains.
‘It required a lot of work at Danish Tech Challenge, but we also gained a lot in return. We started out as a system for anyone who could build an IoT product, but through the process, we realized that we needed to segment more and target a specific audience. We shifted from offering a technology to providing a solution.
Danish Tech Challenge
- Danish Tech Challenge is a five-month intensive program where participants gain access to advice from consultants and mentors, a prototype workshop, investors and a grand prize of DKK 500,000 sponsored by Jyske Bank.
- Danish Tech Challenge was launched in 2014 as a development program aimed at technological hardware entrepreneurs working to bring new physical products to market.
- Each year, over 100 hardware startups apply, and 15 are selected to join the program.
- The program is run by DTU Science Park with support from Jyske Bank.
- Apply to become part of Danish Tech Challenge.
The company grew up
After completing the program, Acembee quickly expanded to a total of eight employees. Shortly after Danish Tech Challenge, the founders closed their first investment round. And the timing was no coincidence, says Oline Stærke.
‘Throughout the program, we went through several processes that professionalized us and gave us the confidence to approach investors. And it even ended up being one of the investors Danish Tech Challenge connected us with that we raised capital from
Today, the startup is moving fast. They have secured agreements with construction sites under MT Højgaard, Enemærke & Petersen, and the Municipality of Copenhagen, and they expect only to move in one direction in the future, explains Oline Stærke.
‘Right now, we are scaling and growing significantly. I can confidently say that we have found the right product/market fit. Now, we need to get out to many more construction sites and prepare for a new investment round. The mission is to become the industry standard in Northern Europe”
This article has been published in collaboration with TechSavvy.
