EnergySavvy said Thursday that it has secured $7 million in funding. Prelude Ventures led the round with participation from previous backers that included Pivotal Investments. Based in Seattle and Cambridge, Mass., EnergySavvy is a provider of energy efficiency cloud solutions to utilities and state programs.
Seattle, Washington – May 1, 2014 – EnergySavvy, a leading provider of energy efficiency cloud software to utilities and state programs, announces funding to accelerate product development and expand sales and marketing. Prelude Ventures, a San Francisco investment firm, leads the funding round with Prelude’s Managing Director Tim Woodward joining EnergySavvy’s board of directors. Existing EnergySavvy investors, including Pivotal Investments, also participated in the round.
“We have been watching EnergySavvy scale its business and have been very impressed with how much has been accomplished with limited capital,” said Woodward. “So many cleantech companies have raised tens or hundreds of millions in venture funding with uncertain results. We think now is the right time to put some additional capital behind the company’s momentum, as more and more utilities realize the software platform from EnergySavvy is the key to driving program effectiveness per dollar invested.”
EnergySavvy is often described as bringing energy efficiency into the 21st century. Its flagship cloud platform, Optix, makes energy efficiency more controllable and deployable, and brings predictability to the industry. With a Measure as You Go℠ approach, using real-time data analytics, utilities are better able to engage customers, contractors and trade allies while optimizing program performance.
The company has grown rapidly with 24 utility and program clients in more than 20 states, onboarding new customers at a brisk pace.
Modernizing Energy Efficiency is Key to a Low-Carbon Future
The latest UN IPCC report is clear. At current pace, by the end of the century, the planet’s warming will be twice the level at which scientists estimate we can avoid its worst impacts. Yet with recent advances in energy efficiency technologies, knowhow and policies, the IPCC report concludes we can actually stabilize or reduce energy use by 2050.
Energy efficiency has long been recognized as the cleanest, cheapest “fuel,” and utilities are on track to spend $30B worldwide on energy efficiency efforts. However, the industry has not yet lived up to its full potential because efficiency is often difficult to measure, manage and deploy in a way that is on par with traditional fuels. The UN IPCC report underscores the urgency of scaling energy efficiency as a key to advancing a lower carbon economy.
“The Carter-era approach to energy efficiency that got us here won’t get us to the future that’s needed. Utilities have an incredible opportunity to hit their ever increasing goals, provide more value to their customers and do it all at lower cost and risk profile,” said Aaron Goldfeder, EnergySavvy CEO and Co-Founder. “We’re excited to welcome Prelude to our team and innovate with our clients for a better future.”
EnergySavvy is a leader in cloud-based software for the utility industry. Dedicated to making energy efficiency more controllable and transparent, EnergySavvy’s platform unlocks value by creating modern customer experiences and delivering predictability to the industry. The only true enterprise demand-side management software company, EnergySavvy sets the standard in client success, expertise and innovation. Utilities use EnergySavvy to reach one-third of American homes and businesses in more than 20 states. To learn more, visit www.energysavvy.com.
About Prelude Ventures
Prelude Ventures was founded in 2009 as a new platform for venture investing in the cleantech sector. We partner with inspired entrepreneurs who share our passion for technology innovation as a means to reduce global C02 and believe that the best way to truly make a difference is to build successful companies. The platform combines a long-term commitment to the sector, willingness to accept informed risks, the capital to enable companies to develop on appropriate timelines and a fundamental emphasis on venture-level returns. As a multi-stage investor, we do not shy away from early stage opportunities and also have the financial resources to participate significantly in growth stage financings.