EnergyX Solutions, Inc. , a Toronto, Canada-based cleantech company, raised an additional $1m in funding.
The round, which brings the total amount raised to date to $5M in equity and non-dilutive financing since its inception in 2016, was led by BDC Capital’s Growth and Transition Capital division (BDC Capital) in the form of non-dilutive capital.
The company intends to use the funds to accelerate its expansion into the U.S.
Led by Nishaant Sangaavi, CEO and Co-Founder, EnergyX Solutions is an AI-powered SaaS company that enables utilities to increase customer participation in energy efficiency programs while simultaneously lowering the utility’s cost to engage and serve a customer. Their technology is white-label licensed by utilities and government organizations to help them engage customers, manage programs and hit energy efficiency targets.
To date, the company’s software tools have served 5 million homes across North America and its product suite has been proven and validated by professional engineering teams at government organizations, educational institutions and large utilities. In 2019, EnergyX was able to expand within the U.S. market, and is currently providing its solution to utilities across California, Washington DC, Ohio and New England.