Following rumors of Opower‘s confidential IPO filing, we now have proof: the firm is going public.
As we’ve previously reported, Opower uses data and social pressure to help its customers conserve electricity. The company does this, in part, by comparing your energy consumption to that of your neighbors’.
And yes, Opower makes money doing this: The company tells us it generates revenue “from utilities by selling primarily multi-year subscriptions to our software.”
The official S-1 filing reveals that Opower plans to raise up to $100 million in an initial public offering. Opower’s product, the Opower 4 platform, first debuted in 2012.
The company raised $50 million from Accel Partners and Kleiner Perkins Caulfield & Byers at a rumored $400 million valuation.
Update 5:22 PM: A previous version of this story misstated Opower’s revenue figures. This has been corrected.