Power producer Exelon Corporation’s corporate venturing unit, Constellation Technology Ventures, co-led an $11.8m series A round for US-based energy data technology developer Vutiliti on Tuesday.
The round was co-led by cleantech venture capital platform Cycle Capital Management and included Chevron Technology Ventures, the strategic investment arm of oil and gas supplier Chevron, as well as University Venture Fund and Kickstart Seed Fund.
Founded in 2015, Vutiliti has built a system called HotDrop that can monitor energy use in real time, combining a wireless energy meter with internet-of-things software that can analyse the results in detail. It will spend the series A cash on technology development and international growth.
Jorge Acevedo, senior vice-president of generation innovation and strategy for Exelon subsidiary Constellation, said: “Our investment in Vutiliti supports Constellation’s goal to continuously explore solutions that help our customers better understand their energy usage and reduce their carbon footprint.
“Vutiliti has developed a platform that provides access to data that is valuable to retail energy providers, energy managers, utilities, energy service companies and smart home integrators, and has the potential to unlock numerous opportunities for Exelon to better serve its customers.”
The company has not disclosed firm details of its earlier funding, but Kickstart Seed Fund is an existing investor and its other backers include Park City Angels.
