Blog Post

EcoFactor Raising $4.5M for Smarter Thermostats

When we profiled three-year-old startup EcoFactor in November the company said it was in the process of raising its Series A round. Well, today the company filed a document with the SEC that says it is in the process of raising $4.5 million, and has already raised $2.39 million partly from Claremont Creek Ventures (CCV’s Nat Goldhaber and Paul Straub are listed on the form).

EcoFactor has developed a service based on smart algorithms that can continuously manage a home’s connected thermostat throughout the day, tweaking the settings ever so slightly to shave off energy consumption, but maintain a comfortable temperature. In November the company emerged out of stealth, announced its first customer, Texas utility Oncor, as well as won the California Cleantech Open.

Now topped with closing part of their first funding, all those wins are a pretty good way for EcoFactor to end 2009. In 2010, the company is working on deals with broadband service providers who will likely be dabbling in the energy management market (see my GigaOM Pro report). EcoFactor will also continue to sell into the demand response market, where it can save utilities like Oncor many megawatts of peak power.

Claremont Creek Ventures has invested in a variety of smart grid, energy efficiency and green IT companies, including Adura and Sentilla. Goldhaber also spoke at our Green:Net 2009 conference, which is focused on the intersection of greentech and information technology.