From New Zealand to Austria: Kyle Yong’s Startup EnergyTrack Tackles Rising Energy Costs

In the last years, Austria has become not just a hub for local founders, but a magnet for international startups. More and more innovative – and profitable – young companies are rising to revolutionize a wide array of sectors. Austrian startups are not just successful due to their bold and creative founders, but also due to the country’s strong support system.

A lot of institutions, such as the Austria Wirtschaftsservice (aws), are here to help them build up their companies and bring their ideas to fruition. That’s why an increasing number of international founders are deciding to get started in Austria.

One of these startups is EnergyTrack. The startup, which was founded by Kyle Yong and Thomas Keil in Vienna in 2023, helps small and medium-sized businesses (SMBs) operate more energy-efficiently. The company’s platform provides actionable insights into energy use, enabling businesses to reduce waste, lower costs, and contribute to a more sustainable future.

Co-founder and CEO Kyle Yong hails originally from New Zealand, but has decided to set up his company in Austria. Critical support during this process came from the aws First International Incubator. This aws program financially backs international startup founders, teams and students who want to set up a startup in Austria or have recently done so.

EnergyTrack fights rising energy costs

Kyle Yong had good reasons to start his company in Austria. “Vienna offers a thriving ecosystem for impact-focused startups. Austria provides generous public grants, particularly for businesses addressing the climate crisis, and the FlexCo business model offered a modern framework ideal for a young company like ours. Additionally, the Climate Lab and Impact Hub communities have been invaluable, providing support, mentorship, and connections relevant to our energy-efficiency mission”, says the Energytrack CEO.

The original idea for EnergyTrack came from a personal struggle with rising energy costs and the uncertainty of monthly bills. “As we explored this challenge, we discovered that analysing energy data could uncover significant savings — often more than 20%. It wasn’t just about saving money; it was about taking control of energy usage. We realized this solution could be scaled to help businesses achieve similar results, empowering them to reduce both costs and emissions”, Yong explains.

Startups wants to strengthen efficiency of SMBs

Only about a year after its start, EnergyTrack has already reached a few important milestones. For example, the startup has partnered with a five-story office building to pilot its solution, targeting over 20% improvements in energy efficiency. Also, Yong and Keil have built a multidisciplinary team made up of professionals with expertise in data management, machine learning, energy consulting, UI/UX and impact-driven entrepreneurship.

According to Yong, many other solutions for energy-efficiency target either large corporations or residential users, leaving SMBs underserved. EnergyTrack wants to bridge this gap by offering tailored, cost-effective solutions for commercial environments. Through machine learning, the startup aims to break down energy consumption data into actionable insights. This approach is intended to make energy management more intuitive and enable personalised recommendations to reduce waste.

EneryTrack offers SMBs a subscription-based model with two tiers:

• Expert – Self-Diagnostic Tier: providing a dashboard app for energy insights and monitoring at a fixed monthly fee
• Saver – AI-Driven Tier: providing personalised recommendations to reduce energy waste with performance-based pricing.

aws was “invaluable” for getting started in Austria

Of course, founding a startup in Austria was not entirely without its challenges, such as acquiring a “Gewerbe”-license or choosing the right bank located in Austria. However, Yong has experienced the local startup ecosystem as incredibly supportive. “From tight-knit communities to resources for impact-driven entrepreneurship, it’s an inspiring place to grow a business. Despite the initial hurdles, we’ve felt encouraged by the city’s focus on sustainability and innovation.”

One of the critical support institutions for EnergyTrack was the aws. During the early stages, their international incubator program allowed both founders to work full-time on EnergyTrack. It helped the two of them onboard pilot customers with a very early prototype and connect with other startups at similar stages. Currently, within the aws “AI Adoption: Green Program”, the startup is refining its machine learning algorithms and implement best practices for trustworthy AI. “The aws’ professional yet collaborative approach has been invaluable. We’ve appreciated their support in navigating challenges while helping us scale our impact”, says Yong.

In the near future, EnergyTrack wants to secure angel investment and to form strategic corporate partnerships. Preparations for the market launch are also ongoing. The ultimate goal is to help businesses across Europe save energy, reduce costs, and contribute to a more sustainable planet.

Join the aws First International Incubator!

Interested in becoming part of the aws First International Incubator? The program will enter the next round in spring 2025. The funding is aimed specifically at international startup founders, international startup teams and students who want to set up a startup in Austria or have recently done so. aws offers monthly personnel grants as well as subsidies for project, rental and travel costs. Special know-how is provided in the form of workshops on start-up-related topics and business model development, project-specific coaching units and project-specific mentoring.

More information about the First International Incubator can be found here.