TrueMeter, a startup specializing in AI-powered energy optimization, has raised $4 million in seed funding to scale its platform for brick-and-mortar businesses. The round was led by Ulu Ventures with participation from Pear VC, e2.vc, RiverPark Ventures, Flex Capital, Sarah Smith Fund, Cyan Ventures, Costanoa, Sand Hill Angels, and others, bringing the company’s total funding to more than $5.5 million.
The company targets a massive market—over one million multi-location businesses in the U.S. collectively spend more than $500 billion annually on energy, with an estimated $75 billion lost each year to suboptimal rate plans and billing errors. TrueMeter’s platform is designed to address these inefficiencies by combining automated rate optimization, consolidated billing management, and real-time operational intelligence. The result is 7–15% cost savings with no upfront investment, making it an attractive option for enterprises seeking predictable energy costs without capital expenditure.
Unlike traditional energy management solutions that often require costly infrastructure upgrades for marginal gains, TrueMeter’s AI-driven approach can instantly switch customers to lower electricity rates, coordinate collective gas procurement, optimize rate plans, and audit utility bills automatically. The platform also provides operational insights, such as detecting energy theft or equipment inefficiencies, through continuous monitoring and anomaly detection.
Since launching in March 2024, TrueMeter has grown to serve more than 500 business locations, processing millions of dollars in energy spending for clients that include Yoshinoya, Fresh Direct, Misfits Market, Studio, and Local Kitchens. The company plans to use the new funding to expand its engineering team, accelerate customer acquisition, and further enhance its AI capabilities.
TrueMeter was founded by Stanford graduates Ali Sarilgan and Dr. Ozge Islegen-Wojdyla, who bring a combination of corporate strategy, energy pricing expertise, and academic research to the venture. Their goal is to help restaurants, retailers, and hospitality businesses nationwide reduce energy costs while improving operational efficiency—delivering measurable savings without disrupting day-to-day operations.
KEY QUOTES:
“Traditional energy management solutions require businesses to spend millions on infrastructure for marginal improvements. We’re seeing enterprises increasingly demand zero-capex solutions that deliver meaningful savings without operational disruption. This funding allows us to meet growing demand from multi-location businesses seeking predictable energy costs.”
Ali Sarilgan, CEO and co-founder of TrueMeter
“The energy optimization market represents a massive opportunity for businesses seeking immediate cost reductions without capital expenditure. Their proven ability to deliver measurable savings while streamlining operations positions them uniquely in this underserved market. We’re excited to continue supporting Ali, Ozge, and the team as they scale to meet this enormous market opportunity.”
Steve Reale, Partner at Ulu Ventures, who is joining TrueMeter’s board
