Strategic investors have filled the first institutional round for US-based energy company Consert without using venture capital firms.
Consert raised $17.7m in its series A round from wholesale power supplier Constellation Energy, industrial conglomerate General Electric’s GE Energy Financial Services, and two corporate venturing units of phone companies: Qualcomm Ventures and Verizon Ventures.
Jack Roberts, chief executive of Consert, said: "This group of investors advances our vision of creating an integrated green energy solution with smart infrastructure, real-time communications, and intelligent in-home devices."
The firm’s technology enables customers to manage energy consumption.
Kevin Skillern, managing director of venture capital at GE Energy Financial Services, said: "Consert’s technology connects homes and small businesses through existing communications networks, enabling utilities to balance electricity demand, increase energy efficiency and drive consumer savings. It complements GE’s suite of economagination and smart grid investments and products, and provides opportunities for future collaboration."
Verizon also works with Consert to enable machine-to-machine communications over its Verizon Wireless network.
Quinn Li, director of Qualcomm Ventures, said: "By utilizing the 3G wireless network to manage its software messaging and real-time data collection, Consert has developed a very compelling solution for smart grid applications."
A pilot project with IBM showed households could save 40% on their energy bills through Consert’s technology.