Smart grid startup Clean Urban Energy raises $7M
Chicago-based Clean Urban Energy focuses on integrating commercial building operations with energy markets.
Clean Urban Energy said Thursday it has raised $7 million in Series A funding from two Silicon Valley venture capital firms.
The Chicago-based company specializes in energy storage and smart grid performance optimization technology. The investors that co-led the round included Menlo Park-based Battery Ventures and Palo Alto-based Rho Ventures.
The funds are expected to be used for product development, accelerated engineering and customer acquisition, and a multi-city expansion within the United States. Partner Jason Matlof from Battery Ventures and Managing Partner Joshua Ruch from Rho Ventures are expected to join the company's board of directors.
“Smart building technologies are quickly becoming a significant new category of investment in cleantech, where energy efficiency meets mainstream IT,” said Matlof in a prepared statement. “Clean Urban Energy's a perfect example of this trend. Their solution uniquely combines proven building physics, a robust hosted software analytics platform, and a (software-as-a-service) business model to deliver dramatic energy spending savings to commercial office buildings.”
Read more in the Silicon Valley/San Jose Business Journal.
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