FirstFuel Scores $2.4M to Put Toward Software for Remote Energy Audits
FirstFuel Software, a developer of energy auditing analytics technology for commercial buildings, announced today that it has nabbed $2.4 million in first round funding, led by Battery Ventures and Nth Power. The money will go to scaling and fueling customer adoption of FirstFuel’s software, which can profile the energy performance of buildings using data on electric consumption and building characteristics, without the need for an on-site audit.
Boston-based FirstFuel, formerly named iblogix, is led by serial entrepreneur Swapnil Shah, a founder of three IT companies that either went public or were acquired. The FirstFuel software offers recommendations to building managers to adjust their energy consumption practices for immediate savings, and suggests building retrofits to be performed by utilities. The company fits into Boston’s cluster of IT startups developing software geared at lowering energy consumption.
Recently, the Cambridge, MA-based Fraunhofer Center for Sustainable Energy Systems (which I profiled last week) conducted an independent study of the accuracy of FirstFuel’s auditing technology, and found that it “has the potential to be a valuable engine for the large scale benchmarking of buildings and to identify energy-saving opportunities without on-site audits,” according to FirstFuel’s announcement today.