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Internet pioneer Barry Schuler joins SCI's board
Energy efficiency company Scientific Conservation Inc. announced Wednesday morning that it has closed a $15.65 million Series B round led by Barry Schuler, Managing Director of DFJ Growth Fund, with help from DFJ Ventures and the Westly Group. The round brings Scientific Conservation Inc’s total funds raised to $24.65 million.
The company, founded in 2007, is a provider of analytics solutions to predict, detect, and diagnose flaws in commercial buildings that, if correctly remedied, can save on energy. SCI boasts that its Software-as-a-Service platform can cut energy spending 15-25% and allow asset and facility managers to earn carbon credits and increase the valuation of their properties. There are, no doubt, lots of eager buyers in the $5 billion commercial building market.
"This is a very exciting time for SCI. These resources position the company well for continued success in product innovation and accelerated revenue growth with a breakthrough customer centric focus," said Russ McMeekin, CEO of Scientific Conservation Inc, in the company’s announcement.
The company’s flagship software solution, SCIwatch, uses pattern recognition technology to detect even the tiniest, remotest anomalies that can cost the owner of a commercial building big money in wasteful energy consumption. SCIenergy, the company’s other software solution, works with SCIwatch to measure a facility’s baseline energy usage and predict how it will use energy under different operating conditions, thereby determining how efficiently the building is using energy.
"SCI is ushering in a new standard of energy management diagnostics and analytics for buildings. This funding underscores a strong year of milestones for SCI and global momentum for clean energy technologies that save money and protect the environment," said Barry Schuler in a prepared statement. Schuler, a serial entrepreneur and Internet pioneer who spent eight years with AOL, joined SCI’s board of directors.
In November, SCI was one of 12 companies selected for partnership with GE in its Ecomagination Challenge to develop the next-generation power grid. The program is a $200 million financial commitment that challenges innovators and entrepreneurs to develop clean energy solutions for the future.
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