Recurve, the startup that has built a business off of auditing homes for energy efficiency, has raised $8 million of a planned $9 million round, according to filings. Formerly called Sustainable Spaces, the company has a real knack for being able to help usher in legislation that creates incentives around home energy audits. (See Recurve President and Founder Matt Golden’s support for the Home Star Energy Retrofit Act of 2010, passed by the U.S. House of Representatives earlier this year, which would invest $6 billion over two years in helping homeowners save money on their energy bills).
But the secret sauce behind Recurve is actually its smart software that enables auditors and contractors to determine the best and most cost-effective audits (like better insulation and more-efficient heating and cooling systems) which can reduce the time an audit takes. Its web-based software also keeps home owners engaged in the process. The company released the latest beta version of its contractor software in April.
Recurve raised its first VC round of $6 million back in late 2008 from RockPort Capital Partners and Shasta Ventures, and earlier that year took seed capital from angel investors Blueshift Partners. Golden founded the San Francisco, Calif.-based company in 2004.
As Golden has told me before, the heating, cooling and lighting of houses is responsible for a little under a quarter of the carbon emissions in the U.S., and leaky heating and cooling ducts could account for as much as 2 to 3 percent of electricity used in the U.S. Recurve says its audits can reduce an existing home’s energy expenditure by somewhere between 10 to 50 percent.
For more research on cleantech financing check out GigaOM Pro (subscription required):