OPower, a US-based energy efficiency software company formerly known as Positive Energy, has raised $50m in its series B round after winning a competition last month.
US-listed industrial conglomerate General Electric backed OPower, which has had US President Barack Obama talk at its events (pictured), from its $200m Ecomagination clean-tech corporate venturing fund.
The fund has a partnership with four venture capital (VC) firms: RockPort Capital, Foundation Capital, Kleiner Perkins Caufield & Byers (KPCB) and Emerald Technology Ventures, to collaborate on sourcing deals, but each firm could decide whether to invest in the clean-tech entrepreneurs.
KPCB has co-led the B round for OPower with peer Accel Partners. A third VC, New Enterprise Associates, also reinvested in OPower as well as existing investor MHS Capital, whose managing partner Mark Sugarman led the A round in early 2008.
OPower’s software analyses a household’s energy usage and applies behavioral science to help utility customers save energy.