Vutiliti, Real-Time Energy Data Monitoring Company, Raises $11.75 Million in Series A Funding
Vutiliti, the innovative smart utility monitoring company based out of Salt Lake City, Utah, announced today that it has received a Series A investment of $11.75 million led by Constellation Technology Ventures, the venture investing arm of Exelon Corporation, and Cycle Capital Management. Also invested are Chevron Technology Ventures, University Venture Fund, and a continuing investor, Kickstart Seed Fund. The funding will accelerate Vutiliti’s global expansion and development of its proprietary HotDrop™ technology and utility monitoring systems.
“We see a large information gap between what’s happening with utility usage and what’s possible with real-time data-driven insights”
Over 39% of total greenhouse gas emissions (GHG) come from electricity production and the operation of buildings due in large part to the use of equipment that is hidden away behind locked doors, on rooftops, and in basements. Because of the location of this equipment, emerging issues may increase GHG emissions and utility expenses and not be identified until there are critical failures that could result in unexpected shutdowns, catastrophic equipment failures, and safety incidents. Vutiliti’s data collection and insights management system can simultaneously lower greenhouse gas emissions, utility expenses, and the risks of equipment failure.
“We see a large information gap between what’s happening with utility usage and what’s possible with real-time data-driven insights,” said Steve Ellis, CEO and Founder of Vutiliti. “We are leveraging and refining IoT to transform that data into actionable information that benefits our customers’ bottom-line and sustainability performance. This technology will also enable faster development of energy efficient innovations. We are excited to work with leading global investors who share our vision to always pursue the data that matters, the data that sparks change.”
Vutiliti is an energy data company that focuses on utility efficiency through detailed, timely and accurate measurement data. This data is challenging to obtain affordably in real time and at scale. Vutiliti can help companies solve these challenges with the first truly wireless, LoRaWAN enabled energy meter called the HotDrop™. Each meter can be safely installed in less than two minutes without wires, batteries, or the need to de-energize circuits, and is small enough to fit in the palm of your hand. Each meter is securely cloud-connected to enable real-time data insights. Vutiliti leverages this location-specific information to allow customers to improve their energy efficiency performance, reduce their carbon footprint, and lower their utility bills.
Recommended AI News: HSB Cyber Survey Shows Increase in Suspicious Business Emails
What investors are saying about Vutiliti:
Our investment in Vutiliti supports Constellation’s goal to continuously explore solutions that help our customers better understand their energy usage and reduce their carbon footprint. Vutiliti has developed a platform that provides access to data that is valuable to retail energy providers, energy managers, utilities, energy service companies (ESCOs), and smart home integrators, and has the potential to unlock numerous opportunities for Exelon to better serve its customers. – Jorge Acevedo, Senior Vice President, Generation Innovation & Strategy, Constellation
Cycle Capital invests in companies that have disruptive technologies and exceptional management teams, and that make meaningful contributions to a sustainable future. Vutiliti is a leading disruptor in the energy monitoring space. There is a clear need for real time, accurate, affordable and easily accessible data in order to enable buildings to reduce energy use and Vutiliti bridges this gap. The team is talented and experienced, and they are well positioned for rapid growth across a wide variety of sectors. – Andrée-Lise Méthot, Founder and Managing Partner, Cycle Capital
We established the Future Energy Fund to invest in breakthrough technologies that lower the emissions of oil and gas and that are integral to low carbon value chains. Our investment in Vutiliti meets those objectives, with a focus on energy optimization. – Barbara Burger, President, Chevron Technology Ventures.
Recommended AI News: iOPEX Technologies Partners With OutSystems to Deliver Low Code Platform Solutions