EcoFactor, a Redwood City, Calif.-based provider of home energy management software, has announced the closing of $8 million in venture funding. The latest round includes funding from new investor Aster Capital, as well as additional financing from Claremont Creek Ventures and RockPort Capital Partners.
According to the company, EcoFactor delivers a cloud-based platform to home service providers, enabling them to deploy and support an intelligent, automated home energy management service. Its patented service uses data analytics and algorithms to transform thermostats into smart home energy management systems.
EcoFactor's individually optimized pre-cooling capability enables utilities to generate 25% more demand response from EcoFactor-enabled homes while dramatically reducing its effect on occupant comfort, the company adds.
"EcoFactor has demonstrated significant commercial progress across a number of different channels - including utilities, broadband providers and home energy service companies - by providing both the end customer and strategic partners with real, measurable value,” says Todd Dauphinais, partner at Aster Capital.
