EnergySavvy Inc, a developer of demand-side energy-efficiency software for utilities, has secured additional venture capital financing, bringing its latest round to US$8.25 million. The additional funds came in part from energy and power-focused venture capital firm EnerTech Capital, which has offices across Canada and in the United States. It was joined in the deal by El Dorado Investment Co, the investment arm of PinnacleWest Capital Corp. Concurrent with the transaction, EnerTech director Dean Sciorillo has joined the company’s board of directors. Founded in 2008, EnergySavvy has its headquarters in Seattle.
Funding Round Oversubscribed at $8.25 Million, New Regulatory Team Announced
Making energy efficiency measurable and predictable through software, EnergySavvy will build on rapid market adoption with additional investment.
On the heels of a recent investment from Prelude Ventures, we’re excited to announce today two additional institutional investors: EnerTech Capital and El Dorado Investment Company, bringing the total funding round to $8.25 Million.
EnerTech Capital is a highly successful energy technology investment firm that recently raised $120 million to create their fourth fund. We’re thrilled to welcome Dean Sciorillo, Director at EnerTech, to EnergySavvy’s board of directors.
El Dorado Investment Company is the investment arm of PinnacleWest Capital Corp., the holding company of Arizona Public Service, an EnergySavvy customer since last year. We’re grateful to expand a relationship with one of our best customers.
The demand-side management industry is truly evolving as the market for energy efficiency matures and major proposed regulations like EPA’s Clean Power Plan make an impact. These forces have greatly increased the premium for utilities to deliver real and verifiable energy efficiency.
EnergySavvy is fortunate to have a rapidly growing customer base of electric and gas utilities as well as statewide energy efficiency programs. Our vision is to power the world efficiently and we do that uniquely as the only true enterprise cloud company built ground up for the utility demand-side management (DSM) industry.
“While VC funding is generally up, cleantech investment is still crawling out of a crater,” said Aaron Goldfeder, CEO and co-founder of EnergySavvy. “We’re delighted to be oversubscribed and to have had our choice among some terrific investors. As an industry, our task is to bring modern quantification of energy efficiency to core utility goals. We’re excited to serve our clients on that mission and with well-respected investors supporting the company, we’re in a better position than ever to do just that.”
“We believe we are at a point now where energy efficiency and customer engagement are critically important for utilities as they plan for the future,” said Dean Sciorillo, Director at EnerTech Capital. “The team at EnergySavvy is enabling utilities to connect with and engage customers to make meaningful and appropriate energy improvements that result in successful programs that build lasting, trusted relationships.”
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