SEATTLE, WA, Software company providing solutions that increase the effectiveness of utility and governmental energy efficiency programs nationwide, announced a new $3 million financing round.
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EnergySavvy, a Seattle-based software company providing solutions that increase the effectiveness of utility and governmental energy efficiency programs nationwide, announced a new $3 million financing round Thursday. The company also announced the addition of Pivotal Investments' Managing Director Bradley Zenger to its board of directors.
Pivotal Investments, a cleantech-focused venture capital firm based in Portland, Ore., led the financing round alongside other leading Pacific Northwest investors including Summit Capital and investors from the Northwest Energy Angels.
Zenger said the decision to invest in EnergySavvy was clear because of the company's track record and traction with mainstream utility customers.
"Utility energy efficiency spending has grown by an average of 25 percent per year over the last five years, to $6 billion in 2011, providing a compelling market opportunity," Zenger said. "We believe EnergySavvy is an emerging leader, bringing innovative, valuable, software solutions to an industry that increasingly demands real-time, data driven transparency, measurement and results."
In the past 12 months, EnergySavvy has won business with utilities such as Puget Sound Energy, Black Hills Energy and Long Island Power Authority. In that same time span, EnergySavvy doubled its team size and opened an office in Boston to serve its growing East Coast customer base. It also rolled out its Program Optix software platform, which enables utilities to optimize their programs using real-time analytics.
EnergySavvy has been on a solid growth trajectory. This investment enables accelerated product development and an increase in its field presence to enhance its customer service, said EnergySavvy's CEO and Co-Founder Aaron Goldfeder.
"We're innovating with our customers to transform the way energy efficiency is quantified and delivered," Goldfeder said. "Our software is increasingly becoming the obvious choice for energy efficiency programs because it helps achieve more energy efficiency gains per ratepayer dollar with increased transparency and accountability."
EnergySavvy is a Seattle-based software company with the mission to transform how energy efficiency is quantified and delivered. The company is led by alumni from aQuantive, Microsoft and Amazon and is in its fourth year of operations. The company brings together expertise in software, user experience, analytics and energy efficiency to deliver software-as-service solutions that clients love. (www.energysavvy.com)
About Pivotal Investments
Pivotal is an early stage venture capital firm dedicated to identifying and partnering with the most promising entrepreneurs to build leading companies primarily in the Pacific Northwest. We work actively and collaboratively with management teams to build companies that scale beyond the Northwest, generating long-term value. (www.pivotal-investments.com)