Online Energy Management Company WeMonitor Raises $5.3 Million
San Diego-based WeMonitor is a company that helps you manage your utility bills and keep them down. WeMonitor has raised $5.3 million in funding from Dominion Investment Group as part of a plan to expand their staff and release their first product later this year. WeMonitor tracks your utilities through the installation of a small device. The device analyzes data and sends you notifications through e-mail or mobile about your activity.
If there is something wrong with a utility appliance, then WeMonitor will also notify you about that. It can also be set up to automatically request repair services. WeMonitor provides recommendations on how to save on your energy bill such as turning off the lights or turning down the heating. It will also recommend you to unplug high-consumption electronics. The average WeMonitor customer will be able to save around 10-20% of their energy bill.
WeMonitor is now the only online company that helps customers save on their utilities. Other companies like Nest, MyEnergy, and Alarm.com also provide home monitoring services. WeMonitor generates revenue by requiring a monthly subscription fee.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry