Are you ready to bring more awareness to your brand? Consider becoming a sponsor for The AI Impact Tour. Learn more about the opportunities here.
Innowatts, a Houston, Texas-based company developing cloud-hosted smart meter analytics platforms for utilities, energy retailers, and smart energy communities, today announced that it has secured $18.2 million in a series B funding round led by Energy Impact Partners, with participation from Shell Ventures, Iberdrola, and Energy and Environment Investment. The influx of cash brings the company’s total raised to roughly $24.2 million, according to Crunchbase, and will be used to expand its product offerings in new and existing markets.
“Competing in today’s complex and evolving marketplace requires utility companies to use data and intelligence to drive business and customer value,” said CEO Siddhartha Sachdeva, who cofounded Innowatts in 2013 with Ahklak Ahmed and Sudaksha Sachdeva. “Energy Impact Partners, along with its coalition of innovative utility investors, appreciates the role that [our solutions] can play in creating a smarter, more efficient energy value chain.”
Innowatts’ technology suite combines meter readings with customer data, weather forecasts, and other variables to generate what it calls an “energy print,” a digital fingerprint that communicates both consumption and its contributors. Using proprietary analytics models, Innowatts’ platforms can suss out the proportional energy impact of facilities, behaviors, and interactions at a customer and organizational level. From these and machine learning algorithms that continuously analyze over 2,000 consumption-related variables, it’s able to come up with predictions that show how specific changes might affect day-to-day operations.
Innowatts says its products can calculate individualized real-time rates and feed pricing to shopping portals and other sales channels. Energy providers get the choice of prebuilt dashboards and visualizations, or they can tailor the experience to segmented customer groups with features like digital rule-based alerts, bill notifications, contextual energy recommendations, and multi-facility remote management.
The AI Impact Tour
Connect with the enterprise AI community at VentureBeat’s AI Impact Tour coming to a city near you!
Moreover, Innowatts says its suite can validate the “value yield” of each service within an energy customer’s portfolio, along with the associated cost of acquisition. And it says it’s able to perform “complex observations” about a customer’s end-use equipment from that equipment’s load signature alone.
Innowatts claims its solutions deliver a 40% improvement in forecast accuracy, a 7% reduction in supplier energy cost, a 20-40% reduction in customer acquisition costs, and an up to 30% reduction in customer churn, on average. Currently, the company processes meter data from more than 21 million customers globally across 13 regional energy markets. “Utilities have the opportunity to deliver more value to customers, at lower costs and with greater personalization than ever before, while helping streamline the complex energy marketplace,” said Shell Ventures vice president Geert van de Wouw. “The predictive customer intelligence and digital solutions provided by Innowatts’ … platform is central to executing that vision.”
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.