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A new tool for monitoring energy usage

Buddy Platform, an Internet of Things (IoT) company backed by American singer Lady Gaga and technology giant Microsoft, launched a new product Monday for monitoring buildings' energy usage.

Called the Buddy Ohm, the device measures the consumption of electricity, gas, water, steam and solar power generation in buildings and public infrastructure. This first end-to-end system from Buddy Platform, it's designed to provide real-time insights to help operators and tenants drive down resource spending through understanding the connection between their actions and energy consumption.

Buddy Ohm aims to educate occupants on resources through real-time data because "without knowing what energy you're consuming in a building, it's very hard to do anything about saving it," David McLauchlan, CEO of Buddy Platform told CNBC's "Street Signs" on Wednesday.

This device, however, is not developed as a consumer product. Buddy Ohm is currently targeting small and medium enterprises because the firm sees a strong opportunity for that space, using "IoT to democratize data at the small- to medium-sized buildings and facilities stage at this point."

In the future, though, Buddy Platform plans to have a product that they "can take to other ends of the market, both up and down."

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