energyX Solutions Inc. – 5 August

05 Aug 2020
 

energyX Solutions Inc.

Based in Toronto, ON and Halifax, NS, energyX is a technology company currently active in the energy management and conservation space. Their software, which is licensed to utilities and energy efficiency organizations across the US and Canada, automatically finds targets, and enrolls customers with high savings potential. Driven by the motto, ‘energy management for all’, their AI-powered machine learning technology aims to drive efficiency, allowing its utility customer to generate evaluation-grade assessments of building performance at scale and cost effectively. This empowers utilities to identify the buildings that will most benefit from deep energy retrofits, and the customers who are most apt to participate in those programs.

Through their system, utility program managers get to track the customer journey in real-time via an active dashboard as the solution takes the customer through audits, retrofits, and payments with the software automatically alerting stakeholders when required. Program managers will also get recommendations from the system to design future programs.

 

Traction

To date, energyX’s program has completed 1M+ audits, generated 250K+ home energy reports, and recommended 3M+ incentives and rebates across 15 utillity clients within the US and Canada. EnergyX licenses its MIT award winning platform, MyEnergyXpert and Retrofit AI, to utility clients as a ‘white labeled and customized’ enterprise software platform via a ‘software as a service’ model. Through its core business of engaging and activating customers, they are able to collect significant amounts of data on building profiles, customer interactions, and overall program performance to help homes and businesses take action and retrofit their buildings.  

EnergyX’s is currently focused on growing their team and are hiring for sales, marketing, and public relations positions for their East coast office.

 

Team

Nishaant Sangaavi, Co-founder and CEO

Alex Corenglio, Co-Founder and CTO

 
 

Funding

Since their inception in 2016, energyX has raised $5 million in dilutive and non-dilutive funding and grants. They will be looking to raise their Series A in 2021 as they continue to scale their business, work with additional utilities in the US and expand their reach into Europe.

EnergyX’s vision is for every home and business to have the ability to implement an energy savings program that is customized to their building and behavioral profile. With such a strong mission to fulfill, they have been grateful to have a team of 25 co-workers spread across two offices. 

 

Revenue Model

EnergyX stream of revenue will derive from the subscriptions on the use of their SAAS platform and additional features offered. 

Details 

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