Energy use intelligence company FirstFuel Software announced Tuesday it has raised $8.5 million in Series B, from E. ON SE, one of the world's largest investor-owned utilities. Existing investors Battery Ventures, RockPort Capital and Nth Power also participated in the round. This round brings FirstFuel's total funding to $20.9 million.
The new funding will be used to keep up the Lexington-based company's momentum and expansion into North America and internationally. The capital will also further boost the development of its Remote Building Analytics program, which leverages deep data analytics to drive scalable efficiency in commercial buildings.
This news marks another milestone in expansion for FirstFuel. According to the release, the company has helped its utility and government customers deliver key energy efficiency services at five- to 10-times lower costs and faster speeds, scaled across thousands of buildings. The company claims that, through November 2013, FirstFuel's signature RBA platform has analyzed over 700 million square feet.
Said FirstFuel CEO Swapnil Shah in the release:
While billions of dollars are being spent in commercial efficiency each year, the industry still lacks quality information about use, opportunity and performance. With this funding, we are positioned to aggressively pursue our growth goals and establish a new standard for energy information in buildings around the world.
