ATLANTA, GA, Urjanet Inc. today announced that it has received $4M in Series B venture financing led by new investor Grotech Ventures.
Urjanet Inc. today announced that it has received $4M in Series B venture financing led by new investor Grotech Ventures, along with existing investors GRA Venture Fund, LLC and Imlay Investments Inc. The company is the leading provider of energy data that enables large-scale energy consumers with multiple locations to make holistic energy-related decisions that can save money, reduce carbon footprint and measure the ROI of energy investments.
Urjanet provides a subscription-based service that delivers intelligent energy data to businesses. Customers include large corporations and federal, state and local agencies that spend millions of dollars annually on electricity and natural gas, and have multiple business locations. Urjanet has proprietary technology that is able to connect to over 600 utilities and other data sources. The company delivers data such as electricity and natural gas billing, demand, consumption, history, tariffs and rate plans, weather data, interval metering and carbon intensity.
"Since our launch in 2010, the concept and complexity of measuring, managing and understanding data related to energy and resource use has become important for businesses as a way to manage cost and carbon emissions. Many companies, especially those with multiple locations across the country, are largely blind to their total energy use and costs because of the multitude of sources that provide that information in a huge variety of formats," said Urjanet CEO Sanjoy Malik. "Urjanet helps them gain extensive knowledge and insight by providing a single intelligent source of reliable data for enterprise energy and resource management."
Urjanet's data service is designed to integrate seamlessly with a customer's existing software applications, accounting systems, business intelligence platforms, and energy and carbon management infrastructure. To facilitate this integration the company has established partnerships with many of the leading vendors of energy management software and services. Urjanet's data-only focus makes the company a valuable partner for others in the energy ecosystem. Urjanet's platform, which layers intelligence on top of the myriad data streams, was developed in collaboration with researchers at Georgia Institute of Technology.
"Business models which revolve around data are very attractive to investors, but they must also address a critical market need," said Steve Fredrick, general partner at Grotech Ventures. "Urjanet is building a business at the confluence of energy and data. They are solving the pain enterprise customers face in acquiring accurate and timely energy data on which to make informed decisions."
Urjanet offers large companies an automated, accurate, and easy-to-use service that helps them to lower energy costs, reduce their carbon footprint and more effectively evaluate long-term energy investments. Urjanet's platform collects, reconciles, and analyzes energy and carbon-related data from many different sources including smart meters. The data feed is delivered directly to customer applications and decision-support systems. Founded by a team of veteran entrepreneurs, Urjanet is headquartered in Atlanta, Georgia, serving multiple large blue-chip clients and is becoming a leading provider of energy intelligence to business and industry. Innovation at Urjanet is supported by the Georgia Research Alliance (www.gra.org) and the National Science Foundation (nsf.gov). www.urjanet.com
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