A North Texas company is looking to expand both its product offerings and service area with a new funding round.
Dallas-based EnergyBot, an online marketplace and energy broker for small businesses, announced landing a Series B funding round. While financial terms and investors were not announced, EnergyBot President and CEO Paul Rodgers writes that the company is fully funded and backed by Irving-based energy company Vistra Energy and Boston Consulting Group Digital Ventures on his LinkedIn page.
“This round of funding will allow EnergyBot to continue its growth trajectory,” said Fred Purches, CPO at EnergyBot, in a prepared statement.
EnergyBot says its AI-powered platform will “change how businesses purchase and think about their energy usage.” The company does this by gathering information about a customer’s business, then providing them with comparative rates and matching them with plans available in their area.
In addition, EnergyBot offers customers a way to calculate their “EnergyScore,” which allows them to see how energy suppliers view their businesses energy usage, along with rate monitoring, which alerts users when a lower rate is available.
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While EnergyBot currently focuses on businesses’ energy plans, in other markets it operates in, the company has indicated intentions to move into residential markets as well. EnergyBot operates in nine states, including Illinois and Ohio, along with a number of East Coast states.
However, with the new funding, EnergyBot plans to expand its platform into its home state of Texas. On its website, the company lists plan availabilities for cities in Central, North and West Texas, as well as cities in the Houston area. It also plans to use the funding to create new data sources and algorithms for its platform, in addition to seeking out new marketing channels.
“After 18 months of working with businesses to gain insight into the current state of the energy marketplace, EnergyBot now has a clear vision for its future and how it can create a new buying experience,” the company wrote in a release.
EnergyBot was founded in 2018 and is a business name used by Blitz Ventures, which was spun out of TXU energy – also a part of parent company Vistra.
EnergyBot’s entrance into new markets has not always received the warmest of welcomes. The Bangor Daily News conducted an investigation into the company and other similar businesses operating in the same space, when EnergyBot launched its services in Maine, found that in other states it operated in, it did not list the full amount of service providers and some rates may not have been accurate. EnergyBot never responded to requests for comment from the paper.
