April 28, 2020 10:00 AM Eastern Daylight Time
SALT LAKE CITY–Vutility (pronounced view-tility), 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 Vutility’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. Vutility’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 Vutility. “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.”
Vutility 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. Vutility 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. Vutility leverages this location-specific information to allow customers to improve their energy efficiency performance, reduce their carbon footprint, and lower their utility bills.
What investors are saying about Vutility:
Our investment in Vutility supports Constellation’s goal to continuously explore solutions that help our customers better understand their energy usage and reduce their carbon footprint. Vutility 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. Vutility 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 Vutility 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 Vutility meets those objectives, with a focus on energy optimization.
– Barbara Burger,
President, Chevron Technology Ventures.
Vutility was founded in 2015 and is the leading provider of real-time, high-resolution, energy monitoring solutions – enabling businesses to optimize their energy consumption and improve operational efficiencies. Using its innovative and affordable proprietary HotDrop™ technology, companies across a wide range of retail and commercial industries gain relevant and timely insights into their energy usage. For more information, visit https://try.vutility.com.
Constellation is a leading competitive retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation’s family of retail businesses serves approximately 2 million residential, public sector and business customers, including three-fourths of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (Nasdaq: EXC), the nation’s leading competitive energy provider, with 2019 revenues of approximately $34 billion, and more than 31,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. Learn more at www.constellation.com or on Twitter at @ConstellationEG.
Cycle Capital Management (CCM) is an impact investor and Canada’s largest cleantech venture capital investment platform with assets under management (AUM) close to $0.5B. With offices in Montreal, Toronto and Qingdao – in continental China – and a presence in New York and Seattle, CCM invests in companies at the development and growth stages that commercialize clean technologies that reduce greenhouse gas emissions, optimize resource use and improve process efficiency throughout North America and China.
Chevron Technology Ventures
Formed in 1999, Chevron Technology Ventures (CTV), operating as a division of Chevron U.S.A. Inc., pursues new business solutions and externally-developed technologies that have the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. CTV fosters innovation, supporting vibrant startup ecosystems and championing technology integration internally. Through its investment portfolio and internal use pipeline that trials technologies for use within Chevron, CTV has supported a wide range of pioneering companies that are helping to shape the future of energy.