Optimum Energy is heating up with additional cash from one of the country’s largest utilities. Edison Energy, a subsidiary of Edison International, today announced that it is contributing to Optimum’s latest financing efforts.
The cash is an add-on to the company’s $12.2 million financing round, which was announced in June and included investments from Navitas Capital, Johnson Controls and existing investor Columbia Pacific Advisors. With the new cash, the round, which remains open, now stands at $14.2 million. Optimum, which makes software to automatically control temperature settings in buildings, didn’t want to disclose total funding in the company to date. (Our estimates put it at about $35 million). It employs 75 people.
“Edison is a recognized leader in supplying electricity who perceives the value in our innovative approach to energy efficiency,” said Matthew Frey, president and CEO of Optimum Energy. “It’s a powerful partnership that will benefit both Edison and Optimum going forward.” Frey previously served as president and COO of WordWide Packets.
Optimum is growing fast, with the software now used to manage heating and cooling across 70 million square feet of space, including in New York’s Rockefeller Center. Optimum says the software can reduce energy consumption by 150 million kW-hours and reduce CO2 emissions by over 225 million pounds — the equivalent of removing annual greenhouse gas emissions from 21,000 passenger vehicles.
For example, Columbia University uses the software to reduce its energy costs, saving about $700,000 per year.
Based in Rosemead, California, Edison International boasts a market value of $15 billion and is traded on the New York Stock Exchange under the ticker EIX.