Calico Energy has developed technologies to help residential and business customers reduce energy costs, a proposition that’s winning the Bellevue company fans with venture capitalists. The company has landed a $2.5 million, led by The Benaroya Company. In April, we reported on Point B Capital investing in the upstart, and Benaroya’s involvement to the tune of $1 million now rounds out the deal.
John Carleton of The Benaroya Company tells GeekWire that he was impressed with Calico’s management team, led by Michael Miller and Brian Dawson. But Carleton also says that Calico is going after a multi-billion dollar market by helping utilities and their residential and corporate customers reduce energy costs.
The product is fully developed, and revenues are already more than doubling, he says.
“The company can slow growth and be cash flow positive, or take this additional capital and accelerate its growth curve,” said Carleton. “There is demand pull from the market. In other words, Calico’s offering is what the utilities are asking for. Calico fits right in our sweet spot.”
Calico was recently named one of the smart-grid companies to watch in 2011. The company’s service helps customers plan and integrate energy-efficient solutions, including rate modeling, pricing services, analytics, device management and other programs.