WaterSmart Software, the pioneering customer engagement platform for water utilities, today announced the close of its $7M Series B funding round. One of the nation's largest family offices led this round, with full participation from existing investors: The Westly Group, Apsara Capital, Physic Ventures, and Draper Fisher Jurvetson (DFJ).
'Leading utilities aspire to engage consumers on every device, fulfill regulatory mandates, and carefully analyze the investments required to improve the resiliency of water systems,' said Robin Gilthorpe, CEO of WaterSmart. 'Consequently, demand is growing for data-driven solutions in the water sector which has underpinned remarkable growth for our business. WaterSmart will use this new capital to continue to scale our business and change the way the world uses water.'
WaterSmart uses advanced analytics and proven behavioral science techniques to increase customer engagement and drive household actions that save water, energy and money. The WaterSmart platform includes tools that allow utility managers to segment customer water consumption data, generate targeted communications, and identify operational efficiencies. WaterSmart manages information for over 2 million water meters throughout North America and recently announced the milestone of more than 1 billion gallons of water saved.
'Ongoing population growth, global climate change, and the need for trillions of dollars of water infrastructure investment demand a revolution in how the water industry engages its customers,' said Hal Harvey, CEO of Energy Innovation LLC. 'WaterSmart has tripled its business over the past 12 months and the company's impressive management team, rich product platform, and proven customer success clearly demonstrate an idea whose time has come.'
The capital from this financing round will be used to expand the go-to-market function of the company and to invest in additional platform capabilities that build upon WaterSmart's leading position in demand-side water management.
Hal Harvey of Energy Innovation will join the Board of Directors of WaterSmart, which already includes Steve Westly (Westly Group), Will Rosenzweig (Physic Ventures), Steve Bennet (Sand Hill Angels), Robin Gilthorpe and Peter Yolles (WaterSmart Founder).