Home Energy Battle: EcoFactor Closes $10M From NRG Energy and VCs

Home Energy Battle: EcoFactor Closes $10M From NRG Energy and VCs

Capture d'écran de l'interface de gestion EcoFactorUtilities, telecoms and security firms are jockeying for a position—and market share—in the connected home.

EcoFactor, a contender in the cloud-based home energy services and analytics sector, just raised $10 million in venture funding — including a significant investment from NRG Energy.

The company’s software and analytics are designed to lower residential energy use and are increasingly being used for residential demand response programs.

In the volatile and growing home energy management services (HEMS) market, partnerships are crucial as entrepreneurs stake out market channels and sectors. Having NRG Energy as an investor gives the startup some insight into an energy giant with 47,000 megawatts of generation capacity. NRG is also one of the larger solar developers (through NRG Solar) and retail providers of green energy (through Green Mountain). 

NRG Energy joins VC investors Claremont Creek Ventures, RockPort Capital Partners, and Aster Capital. Investors in EcoFactor speak of allowing “utilities, service providers and energy retailers to deploy multiple home energy programs on a single platform while increasing consumer convenience.” This round brings EcoFactor’s funding total to $23.5 million in the high-stakes battle for control of the home.

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