EcoFactor Completes $8 Million in Venture Financing
“After following the energy management software market for some time, we found EcoFactor’s approach of using Big Data concepts and software algorithms to be far superior to any other residential energy management solution on the market today,” said Todd Dauphinais, partner at Aster Capital. “EcoFactor has demonstrated significant commercial progress across a number of different channels — including utilities, broadband providers, and home energy service companies — by providing both the end customer and strategic partners with real, measurable value. We believe that EcoFactor will continue to solidify its leading position in the marketplace.”
EcoFactor delivers a sophisticated, cloud-based platform to home service providers, enabling them to deploy and support an intelligent, automated home energy management service.
- EcoFactor’s patented service uses data analytics and sophisticated algorithms to transform thermostats into smart home energy management systems — saving energy and reducing costs — resulting in end user savings as high as 36%.
- EcoFactor’s service helps its partners expand their product portfolios, increase customer retention and meet increasing market demand for energy management systems.
- EcoFactor’s individually optimized pre-cooling capability enables utilities to generate 25% more demand response from EcoFactor-enabled homes while dramatically reducing its effect on occupant comfort.
“EcoFactor partners continue to roll out our solutions en mass, and this investment ensures our ability to match anticipated demand,” said Roy Johnson, CEO, EcoFactor. “The EcoFactor home energy management service continues to help our partners take advantage of broader initiatives for energy efficiency, demand response and load shaping while delivering effortless energy savings to their customers.”
EcoFactor is currently running large-scale implementations and pilot programs with broadband providers, utilities and HVAC service companies across North America. These include Reliant Energy, which offers EcoFactor to its customers in Texas, and Comcast, which will roll out its EcoFactor-powered offering to Xfinity Home customers in the coming year.
EcoFactor is a leader in services for residential energy management. The company enables home service providers to offer an intelligent energy management service to their customers. With EcoFactor, homeowners receive an automated way to reduce energy consumption, save money and stay comfortable, and partners have the opportunity to take advantage of broader initiatives for energy efficiency, demand response and load shaping. Based in Redwood City, Calif., EcoFactor was founded in 2006 to provide an automated alternative to behavior-based residential energy management solutions. The company has been awarded nine patents to date for its residential energy management technology and methodology. EcoFactor is privately held and funded by Aster Capital, Claremont Creek Ventures and RockPort Capital Partners.