Boulder-based energy auditor closes first round of funding
BOULDER — simuwatt Inc., a tech company with an application for measuring energy use in commercial buildings, recently closed on its first round of funding and is seeking additional funds.
The Boulder-based energy auditor is a spinoff of concept3D, founded in 2006.
So far, simuwatt has raised a little more than $500,000, said chief executive Oliver Davis. The company’s goal is to raise $1.5 million, which will bring the app to market and cover sales and marketing.
The tablet- and web-based app works when information related to energy use in a building — lighting, schedules of occupants, mechanical information, etc. — is entered into the application. simuwatt processes that information using predictive modeling tools and analytics to determine how the building can improve its performance and efficiency.
Davis said simuwatt is partnered with the National Renewable Energy Laboratory in Golden, as well as a few other energy platforms, to leverage their intelligence in simuwatt’s simulations.
simuwatt has been in development for several years, Davis said. The goal is to close the next round of funding in a few months. simuwatt already has customers, including the building management branch for the city of New York, several engineering firms and NREL.
“We want to simplify a historically difficult process using computing systems for the broader market to drive efficiency in commercial buildings,” Davis said. “Commercial buildings are the biggest consumers of energy in the country. There are tools out there that are too complicated or have not been brought to market. So that’s what we’re doing.”