Boston-based Energy Analysis company Retroficiency has raised $800,000 in a funding round led by Nasdaq-listed energy management firm World Energy Solutions. The web-based service’s efficiency identification and qualification (EIQ) system was launched last week, the same time as the announcement of its funding round.
The Retroficiency system analyzes thousands of potential energy efficiency projects in minutes and gives users energy optimization options from tens of thousands of completed energy audits and a proprietary database of energy efficiency measures. Retroficiency says its service can infer probable electricity use and suggest potential efficiency upgrades, such as different types of lighting, based on information from their proprietary database.
Unlike many energy analysis products available on the market, Retroficiency’s services are aimed at existing buildings and target customers include facility management firms, large commercial property owners, and others looking to assess energy efficiency across a wide portfolio of properties. Jones Lang LaSalle is already signed up as a client.
Some of the angel investors included in the round of funding are Jean Hammond and Jill Preotle, who were both early investors in car-sharing service ZipCar.