FirstFuel Takes In $10M for Building Energy Analytics

2/23/12Follow @xconomy

Lexington, MA-based FirstFuel Software announced today that it snapped up $10 million in Series A financing, led by Rockport Capital and joined by existing investors Nth Power and Battery Ventures. That comes atop a $2.4 million seed round the company raised last September.

“The addition of RockPort Capital builds on the strength of our existing investors, bringing together three of the top investment firms in the cleantech market,” FirstFuel co-founder and CEO Swapnil Shah said in the announcement.

FirstFuel’s technology, called the Rapid Building Assessment platform, is designed to monitor the energy usage of commercial buildings, without requiring a costly on-site audit. The software interface displays where energy is going in a building and helps target which aspects of a building are most in need of energy efficiency upgrades.

According to today’s announcement, FirstFuel’s new Series A financing will go toward product development, as well as expansion in the utility and government agencies markets—customers that FirstFuel has been targeting, Shah told me last fall. Last month, FirstFuel announced it had been selected as part of a Department of Defense effort to curb energy usage across its facilities and help advance new energy efficiency technologies

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