Acadia Woods and the New York City Investment Fund, joined existing investors .406 Ventures and Physic Ventures in the round.
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BROOKLYN, NY, EnergyHub Inc., a leading provider of home energy management software and systems, today announced the closing of its Series B round of funding, raising $14.5 million to drive future growth and product innovation.
Two new investors, Acadia Woods and the New York City Investment Fund, joined existing investors .406 Ventures and Physic Ventures in the round. The proceeds from this financing will support commercial deployments of EnergyHub's award-winning home energy management system and the launch of its new Mercury wireless thermostat software service.
"EnergyHub has successfully built a multi-channel business while maintaining its mission to keep energy efficiency simple, informative, and actionable," said Jeff Samberg of Acadia Woods. "The company has established itself as a leader in the energy management field with proven solutions that meet the needs of the marketplace."
"Our mission is to support New York City's most promising startups and entrepreneurs," said Maria Gotsch, President and CEO of the New York City Investment Fund. "EnergyHub is a Brooklyn-based company building innovative consumer technologies and smart energy tools that people can use everyday to manage their energy use."
EnergyHub develops and markets home energy management solutions that enable homeowners, utilities, and service providers to access, control, and automate in-home energy consumption. A successful online pre-sales program of EnergyHub's flagship system is currently underway, making EnergyHub the first company to offer a comprehensive home energy management system directly to consumers. The EnergyHub system is the most robust, cost-effective whole-home system on the market. The solution allows consumers to understand and control their in-home energy use, while enabling energy providers to quickly implement demand response programs and influence customer energy behavior.
"EnergyHub's suite of service offerings is designed and priced to meet the needs of consumers, utilities, service providers, and device manufacturers," said Seth Frader-Thompson, CEO of EnergyHub. "This funding will support the expansion of its service offerings in the market."
The funding will support deployment of the EnergyHub Mercury smart thermostat platform that was introduced earlier this month. The new service uses advanced analytics and the engaging EnergyHub user interface to optimize thermostats and increase energy efficiency. Coupling Mercury software with wireless thermostats empowers end users to automate their heating and cooling systems to realize up to 20 percent energy savings. Utilities leverage the platform to improve the yield of demand response programs, while service providers capitalize on it by bundling thermostat optimization and automation with existing subscription offerings.
EnergyHub, Inc. develops software and hardware solutions that help consumers and utilities reduce energy consumption and save money. EnergyHub solutions allow homeowners to understand and control energy use in real time and encourage people to take actionable steps to reduce consumption. Utilities also benefit from EnergyHub technology as it enables them to identify and manage peak loads, implement effective demand response programs, and improve operating efficiency.
EnergyHub is based in Brooklyn, New York and is a privately held venture-backed company. For more information on how to turn complex energy issues into actionable savings visit www.energyhub.com.