Belgian energy-management startup NOX Energy closed a €3 million seed round (US$3.4 million) on Oct. 2, 2026, co-led by Rise Proptech and Volve Capital with additional backing from Seeder Fund, Uneti Ventures, Fair Impact Fund and 100in. The capital will finance the company's push into new European markets and tighter integration with equipment makers. NOX builds cloud software that links residential heat pumps, solar panels, batteries and electric vehicles to real-time electricity prices, weather data and grid demands, positioning itself as infrastructure for distributed energy resources.
The seed financing will support NOX's expansion beyond Belgium and the Netherlands into other European territories, according to the announcement. The company plans to embed its SaaS platform directly into manufacturers' native applications, shifting from a standalone energy app to a built-in optimization layer. NOX currently manages more than 10,000 connected devices and already serves energy retailers Eneco and Frank Energie as early customers. Founded in 2024 by CEO Axelle Moortgat and COO Louis Clermont, the startup targets original equipment manufacturers to lower consumer friction and capture a larger portion of the value chain.
"Millions of homes already have a heat pump, battery or solar panels connected to their manufacturer's app. Energy suppliers and grid operators need the flexibility these devices can offer, but every manufacturer and every market works differently. NOX sits in between as the infrastructure of flex, connecting both sides," Moortgat said. The seed round reflects rising investor interest in climate-tech SaaS that can monetize flexibility in power systems, the report notes. By pursuing OEM integration, NOX aims to unlock higher expansion revenue and improve net-revenue retention as devices stay tied to its platform over their lifecycle.
The capital injection gives NOX the runway to embed its software directly into manufacturers' apps, a strategy that could push rival energy-management platforms to chase similar OEM partnerships or face being sidelined, according to the report. Competitors relying on consumer-downloaded apps may experience faster churn as NOX's integrated approach reduces adoption barriers. The seed raise arrives as European utilities search for software capable of orchestrating distributed energy resources at scale, and embedding the platform into OEM apps could speed customer acquisition, boost expansion revenue and lock in device owners for the lifespan of their assets. The capital also positions NOX to take advantage of upcoming EU directives rewarding demand-side flexibility, potentially opening new revenue streams from grid-balancing markets. For the broader SaaS climate-tech space, NOX's approach highlights the importance of vertical integration with hardware OEMs to secure recurring revenue and deepen data access, potentially reshaping competitive dynamics in Europe's distributed energy market.
The deal underscores the strategic advantage of pairing SaaS solutions with hardware manufacturers to cut friction and capture higher-margin recurring revenue, the report concludes. Investors may see NOX as a model for future climate-tech SaaS bets that combine software scalability with tangible energy-system impact. For operators navigating the climate-tech landscape, the round signals that vendor lock-in achieved through embedded partnerships may prove more durable than user acquisition alone. Meanwhile, the absence of disclosed valuation leaves open whether NOX's early traction justifies the capital intensity required to onboard manufacturers across fragmented European markets.