PlotWatt, a Durham, North Carolina-based developer of personalized smart meter data analysis solutions designed to help individuals and businesses reduce energy bills, has secured $1m in seed funding.
The round was led by Felicis Ventures.
The company intends to use the funds to scale its platform to target both the commercial and residential markets.
PlotWatt’s cloud-based algorithms analyze smart meter data and provide insight, feedback and recommendations on ways for both individuals and commercial establishments to save on energy.
The residential product is currently in Beta.
The recently launched commercial product for multi-location establishments, such as chain restaurants, analyzes energy consumption, identifies waste and communicates opportunities for energy bill savings. Its offering includes analysis and recommendations – delivered via Web, email, mobile and SMS.
PlotWatt also received a $100k grant from GE’s Ecomagination Challenge.