Retroficiency targets pain in energy efficiency
Just a year after coming out of stealth mode, energy efficiency startup Retroficiency, Inc. is looking to increasing staffing by 50 percent, CEO Bennett Fisher told Mass High Tech.
The growth of the Boston-based company accelerated last November, when the company bought the Clean Energy Services Division of Nexamp Inc. of North Andover, Mass., using $3.32 million it got in its first, Series A fundraise. The acquisition not only expanded the company, but it allowed it to approach to problem of helping commercial building owners get the most bang for their energy bucks in two different ways.
Fisher, in an interview last week in the company’s North Station-area office, said he started the business after graduating from MIT’s Sloan School of Management in 2009. At the time, his plan was to create a database of commercial buildings with their specifications, like what kinds of lights are used, wall thickness, etc., as well as the total energy expenditure needed for them. He says he came to the idea after interviews with stakeholders in the commericial building market.
“I kept on hearing pain around energy efficiency,” he said.
Fisher says that using that information, his company can accurately predict the efficiency of a commercial building without stepping foot inside, nor even knowing its data on utility usage. Retroficiency now provides its proprietary software to commercial building managers, such as Jones, Lang, LaSalle, Inc., on a cost-per-building basis, and recently started licensing the software to meet the demands of its clients.
Nexamp, meanwhile, was going at the same problem from a different angle: by analyzing data from utility companies for a specific building in 15-minute increments, comparing that against external information (such as the weather), and identifying inefficincies on those buildings. When Retroficiency bought Nexamp, it acquired the capability to supplement what it was already doing to compare building assets. While other companies, such as FirstFuel Software Inc. of Lexington, Mass., have developed similar technology, Fisher boasts, “we’re the only ones who can do both.”
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.