Energy tech startup Copper Labs raises $2M to disrupt the $6.3 billion home energy management market

The U.S. residential energy management Market in 2019 is currently at $6.3 billion and projected to reach $12 billion by 2028. The industry is currently dominated by big players including Elster Group, General Electric
Itron, Landis+Gyr, Schneider Electric, and others. But, that’s about to change. The space is now been disrupted by new tech startups. Leading the change is Copper Labs, an energy tech startup that provides utilities with actionable, real-time energy measurements and insights that can be immediately shared with consumers to achieve cost and energy savings.

Today, Copper announced it has secured $2 million in new financing. The round was led by Moonshots Capital led the round, along with new and existing investors that include Blue Bear Capital, Bull Creek Capital, Capital Factory and Service Provider Capital. As part of the deal, Copper announced that Craig Cummings, co-founder and general partner at Moonshots Capital, and Dr. Carolin Funk at Blue Bear Capital will both join its board.

Copper Labs was founded in 2016 around a simple, galvanizing belief: managing energy usage more sustainably and cost effectively requires the most up-to-date measurements and insights. Bolstered by CTO and founder Jeff Mathews’ 15 patents and two successful exits in the smart home and energy management markets (Nest/Google and EnerNOC), Copper Labs has expanded its leadership team to include deep expertise in enterprise software and energy technologies. The company began commercial sales earlier this year.

“There is a multibillion-dollar imperative for utilities to harness the power of real-time energy usage data and to make faster, more informed decisions that protect our grid, shift energy demand to cleaner sources and save consumers real money,” said Dan Forman, CEO of Copper Labs. “Our strategic partnership with some of the most respected and knowledgeable energy investors will accelerate growth, product development and expand our engineering and sales teams.”

Nearly half of all utilities in the U.S. rely on monthly drive-by meter readings to monitor energy usage, oftentimes resulting in unexpected peaks in demand that are expensive for utilities to serve. As the first company to access real-time energy usage data through wireless technology from both drive-by and smart meters, Copper Labs seamlessly collects and monitors data from electric, gas and water meters. This approach produces actionable insights and generates consumer-friendly alerts that can reduce energy consumption when it matters most to the grid.

“With the home energy management market projected to reach $12 billion by 2028, our investment in Copper Labs is a clear indication that we expect this company to continue to innovate and disrupt the market,” said Cummings of Moonshots Capital. “Copper’s frictionless deployment and unique access to meter data make it easier than ever for utilities to interact with their consumers.”

“Copper Labs is helping utilities build and manage a more intelligent energy grid with real-time, wireless energy data in an extremely cost-effective way,” said Funk of Blue Bear Capital. “We are proud to support their experienced leadership team during this next growth phase.”