The company intends to use the funds for product development and multi-city expansion within the United States, including New York, Los Angeles, San Francisco, and Houston.
In conjunction with the funding, With this round, Jason Matlof from Battery Ventures and Joshua Ruch from Rho Ventures will join Clean Urban Energy’s board of directors.
Founded in 2007 and led by CEO Rich Earley, the company provides a software as a service (SaaS) automated, scalable, energy-optimization system that exploits the thermal mass of commercial office buildings to make them more energy efficient. The technology is designed to help large commercial office buildings reduce building Heating, Ventilation and Air Conditioning (HVAC) energy use and expenses, improve electric generation efficiency and environmental performance, and, at a macro level, introduce demand elasticity into electric grid markets.
Clean Urban Energy has an exclusive R&D and licensing agreement with the University of Colorado.