Greenbox Technology Aims To Close First Funding Round In June

Jan 30 2009 | 11:04am ET

California-based Greenbox Technology, a start-up with a web-based platform that monitors home energy consumption, hopes to complete its first round of funding by June.

Matthew Smith, the company’s vice president of marketing, told the Earth2Tech online news site that Greenbox is talking to potential investors. The round could reach $20 million, he said, but is more likely to be between $3 million and $5 million.
“We aren’t announcing [the amount] publicly, but we’re looking at a pretty typical, standard A round,” he said. Greenbox, according to Smith, has several alternative plans, depending on its investors and “how aggressive we want to get.” He said most of the money would go toward hiring.

Greenbox was founded in 2007 by the creators and designers of the Flash media platform. The start-up has developed software to monitor and analyze energy use in the home, providing information about power use by appliances, comparisons to other homes in the community, and varying electricity-rate plans via charts and graphs on a web dashboard.

The company is working with utilities like Oklahoma Gas and Electric to provide the dashboard for smart-metering customers. Although Greenbox has fewer than 100 end users now, Smith says many of the company’s partners plan to expand their trials to tens of thousands of meters.

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