OPOWER Closes $50M Strategic Financing Round
OPOWER, an Arlington, VA-based energy efficiency and Smart Grid software company, closed a $50m strategic round of financing.
The investment was co-led by Accel Partners and Kleiner Perkins Caufield & Byers, with participation from New Enterprise Associates (NEA), the company’s largest investor.
OPOWER intends to use the investment to expand and accelerate its product development efforts in order to add new products and features to its Software-as-a-Service (SaaS) platform in 2011.
Founded in 2007, the company has developed a SaaS customer engagement platform that uses data analytics to help electric and gas utilities evaluate a household’s energy usage patterns, without the need for hardware to be installed inside the home. The solution applies behavioral science techniques and a multi-channel communication strategy to engage households to take energy saving actions.
OPOWER currently works with 45 utilities throughout the U.S., including seven of the country’s ten largest energy providers.