WaterSmart Software, a San Francisco, CA-based provider of customer engagement solutions for water utilities to educate customers on conservation, closed a $4.5m Series A funding.
The round was led by The Westly Group, with participation from Physic Ventures, Draper Fisher Jurvetson, and Apsara Capital. In conjunction with the funding, Steve Westly of The Westly Group will join WaterSmart’s Board of Directors.
The company intends to use the funds to expand its sales and marketing teams and increase the adoption of its solution across the country.
Led by Peter Yolles, Founder and CEO, WaterSmart provides cloud-based software for water utilities to engage their residential customers and make personalized recommendations on how to conserve water. It uses behavioral science techniques to increase customer engagement, elevate interest in saving water and money, and increase participation in utility-sponsored efficiency programs. The company’s enterprise product includes an analytics tool, which allows utility managers to view how their customers use water, track program performance and identify where efficiencies can be generated.
WaterSmart has just signed contracts with utilities throughout California, Colorado and Texas including East Bay MUD, Irvine Ranch Water District, and the Cities of Sacramento, Davis and Newport Beach.
The company, incubated by Menlo Incubator, had raised $900k in 2011 from Menlo Incubator, Sand Hill Angels, DFJ, and Physic Ventures (read here) and $1.5m in 2012 from the same investors plus Apsara Capital (read here about the first close of $1m).
FinSMEs
27/08/2013