Toronto-based EnergyX Solutions, which produces software to help businesses and consumers improve energy efficiency, is expanding into Atlantic Canada and the Eastern United States.
The company will get to implement its software with the largest energy utility in Nova Scotia, which means direct exposure of its technology to over 1 million people, bring its user base to 9 million. The Government of Nova Scotia is also investing $500,000 for its Atlantic Canada expansion. The government funding is being invested through the Atlantic Canada Opportunities Agency (ACOA).
The company will get to work with the largest energy utility in Nova Scotia, which means direct exposure of its technology to over 1 million people.
“EnergyX has strong roots in Atlantic Canada, evidenced by our work with organizations such as EfficiencyOne and EfficiencyPEI that have licensed our technology to help buildings across the Maritimes become more energy efficient,” said Nishaant Sangaavi, CEO of EnergyX. “The funding from ACOA will help us set up our second Canadian office out of Halifax, significantly grow our team and have greater access to utilities in the East Coast, with the eventual goal of helping homes and businesses take action towards energy conservation.”
EnergyX Solutions said it is establishing an office in Atlantic Canada and the eastern US because 40 percent of the company’s current sales prospects are located in that region. The company currently employs 25 people.
“The startup ecosystem in Atlantic Canada is thriving given the mentorship provided by programs such as Creative Destruction Labs. Organizations such as EfficiencyOne are leading the energy efficiency ecosystem in Atlantic Canada,” Sangaavi told BetaKit. “At EnergyX, we have successfully graduated from the CDL program and are currently working closely with EfficiencyOne to empower all Nova Scotians to take action and become more energy efficient.”
A graduate of Ryerson’s DMZ, L-SPARK, and the Creative Destruction Lab, EnergyX helps utilities and energy retailers with MyEnergyXpert, its online audit and marketplace platform designed to boost customer engagement in energy-efficient programs. Founded in 2016, the company raised $1.3 million in a round led by Globalive Capital in September and secured an additional $500,000 in January. This latest round brings the company’s total funding to date to $2.3 million.
“We are also thrilled to share our innovative tech which has a strong focus on artificial intelligence and machine learning,” Sangaavi said. “We know that our technology will bolster the incredible work already taking place in energy efficiency on the east coast.”
MyEnergyXpert’s customer engagement tools use artificial intelligence and machine learning to help the company’s enterprise clients increase their customer participation in various energy efficiency programs. The platform then tracks the program enrollment process and collects customer behavioural data, which is then stored in information systems and used to make more accurate predictions on customer engagement.
“Halifax and Atlantic Canada, in general, have made great strides in building their innovation economies,” Brice Scheschuk, managing partner at Globalive Capital, told BetaKit. “I am a Dalhousie alumnus and have been a Creative Destruction Lab Atlantic associate from the beginning and am witnessing this transformation first hand. We have a number of investments in companies that split time between Toronto and Atlantic Canada and benefits in Atlantic Canada include access to development talent, proximity to eastern Canadian customers, significant French language support, local capital, acceleration and incubation and many other benefits.”
Image courtesy EnergyX