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New Energy Energizes EcoFactor’s Series B Round

October 15, 2013

Home energy monitoring continues to be a growing market as Redwood City’s EcoFactor announced today that it has closed a $10 million Series B round with major energy producer NRG Energy (NRG :NYSE) joining the list of investors.

Previous inevestors Claremont Creek Ventures, RockPort Capital Partners, and Aster Capital also joined the round.

EcoFactor has developed cloud-based software that enables homeowners to program their thermostats via the Internet. But instead of just providing homeowners with an Internet accessible dial, EcoFactor’s software looks at a homeowner’s energy usage patterns, weather conditions, and demographics to automatically provide the correct thermostat settings.

Adding NRG Energy to its investor list is an interesting move considering EcoFactor is already working NV Energy (NVE :NYSE) and Comcast (CMCSA :NASDAQ) to offer its service.  Bringing in NRG Energy should provide EcoFactor with access to the company’s 2 million homes it services through Reliant, Green Mountain Energy Company and Energy Plus.

It will be interesting to see if NRG Energy, NV Energy, or Comcast eventually acquires EcoFactor as we would be awfully surprised if they were even allowed to sniff at an IPO.

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