EnergyX Solutions raises $1.3 million for US expansion

energy

Toronto-based EnergyX Solutions has raised $1.3 million for US expansion.

The round was led by Globalive Capital, and included Verstra Ventures, Armco Group of Companies, and Impact Investment Partners.

EnergyX is a recent graduate of the L-SPARK SaaS accelerator and CDL-Atlantic.

“Energy efficiency remains the most cost-effective option for people battling high energy costs,” said Nishaant Sangaavi, CEO and co-founder of EnergyX Solutions. “This recent round of financing helps further accelerate our growth into new markets in North America and beyond.”

A recent graduate of the L-SPARK SaaS accelerator and Creative Destruction Lab, EnergyX licenses its online energy audit and marketplace platform, called MyEnergyXpert, to utilities and government organizations. Its customers white-label the platform and roll it out to homes and businesses across North America to increase customer participation in their energy efficiency programs. MyEnergyXpert tracks the entire program enrolment process, from referral to conversion, while storing behavioural and building data about users. The goal is to help utilities reduce their cost to serve a customer, and encourage more participation in energy efficiency programs.

“I joined CDL-Atlantic at Dalhousie University for its first cohort and was very impressed with the calibre of businesses I saw as well as the fellows and associates I met,” said Brice Scheschuk, managing partner at Globalive Capital and CDL-Atlantic Associate. “Globalive fully intended to make an investment in a CDL-Atlantic company and EnergyX Solutions fit our investment criteria perfectly – business software, a great product and impressive initial customer traction within a large addressable market that solves a significant global problem. EnergyX has a great team and we look forward to a long-term relationship with them. It was a pleasure working closely with George Armoyan, a CDL-Atlantic fellow, to close this investment.”

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor. Follow her on Twitter @jessicagalangg or send her pitches to jessica.galang@betakit.com.