EcoFactor offers a cloud-based analytics platform that analyzes data from network-connected thermostats, weather data and consumer interactions and applies optimization algorithms to automate energy savings for consumers. Its services are sold to consumers through channel partners including Comcast, Reliant Energy, NV Energy and Sacramento Municipal Utility District. The company is led by CEO Roy Johnson and is based in Redwood City, California. EcoFactor closed a $10M Series B financing to support its operations. The company intends to use the funds to develop new services, enhance its home energy service and expand its engineering and sales staff. No operating metrics were disclosed in the article. EcoFactor, founded in 2006 and led by CEO Roy Johnson, offers a cloud-based platform that uses data analytics and algorithms to enable service providers to deploy and support intelligent, automated home energy management services. The platform is targeted at broadband providers, utilities and HVAC service companies and is designed to be operated at scale. The company reports it is running large-scale implementations and pilot programs across North America. The product emphasizes automated home energy management enabled by analytics-driven controls. Financially, EcoFactor recently closed new venture funding, signaling continued investor support for its deployments and growth plans. EcoFactor builds software that automates two-way thermostats to maintain user comfort while reducing energy use. The software learns user preferences during installation, combines that data with weather, square footage, peak pricing and timing, and adjusts temperatures by small increments throughout the day. The company says users can save as much as 30 percent on their electric bills without changing behavior. EcoFactor launched in November and entered a partnership with Texan utility Oncor to pilot distribution across Oncor’s territory. The Redwood City, Calif. software company is scouting partnerships with wireless providers like Verizon and Comcast to offer more holistic home energy management solutions. Financially, it has raised capital in the single-digit millions, including an initial $2.4M and a recent total of $5.9M for the current round. EcoFactor provides a SaaS-based residential energy management solution that integrates with two-way communicating thermostats and a broadband Internet connection. Its service develops a dynamic, customized heating and cooling strategy for homeowners. The company reports the solution can save homeowners an average of 20–30% on HVAC energy spend without loss of comfort or control. The $2.4M financing announced will enable EcoFactor to accelerate commercial deployment of its service. In conjunction with the round, Nat Goldhaber of Claremont Creek Ventures joined EcoFactor’s board.

Total raised

$24M

Funding rounds

4

Latest round

Series B

Latest activity

Oct 2013