Utility power knowledge specialist Tendril, flush with money from final 12 months’s funding from non-public fairness agency Rubicon Expertise Companions, has made its second acquisition to fill out its portfolio of utility software program and providers.
Early this month, Boulder, Colo.-based Tendril acquired EnergySavvy for an undisclosed sum. The Seattle-based startup, which has raised $30 million in enterprise funding since its 2008 founding, has about 45 utilities and public companies utilizing its software program beneath white-labeled manufacturers, together with Nationwide Grid, Seattle Metropolis Mild, Minnesota Power Assets, and New Mexico Gasoline Firm.
With EnergySavvy, Tendril good points a brand new set of capabilities to use to the info from roughly 123 million U.S. houses it now manages for purchasers together with 5 of the highest 10 U.S. utilities. In actual fact, about 10 of Tendril’s utility purchasers are additionally customers of EnergySavvy’s software program, Tendril CEO Adrian Tuck mentioned in an interview this week.
However the determination to accumulate EnergySavvy wasn’t based mostly on capturing its market share, as a lot as capturing its know-how for turning buyer power knowledge into personalised insights, he mentioned. EnergySavvy has dubbed this its “Subsequent Greatest Actions” platform, and claims it makes use of utility-specific knowledge science and machine studying analytics to generate “personalised, ranked suggestions on any buyer initiatives, presents or messages.”
In easy phrases, EnergySavvy’s platform can discover essentially the most helpful, cost-effective, or in any other case optimum choices, out of the multitude of power effectivity ideas, invoice saving actions, and different providers that utilities supply their prospects, Tuck mentioned. That’s much more efficient than merely asking prospects — or the utility staff that work with prospects — to determine this out on their very own.
In actual fact, this seemingly easy job of knowledge analytics-based group can yield large enhancements in utility customer support metrics, from general buyer satisfaction charges, to the share of shoppers opting in to new utility applications and providers, he mentioned. For instance, utilities which have supplied EnergySavvy’s Subsequent Greatest Actions platform to their name middle operators have discovered a 50-percent improve within the variety of calls that finish in a buyer deciding to just accept a utility program or supply, in comparison with conventional strategies.
Tendril and EnergySavvy each already do sure utility buyer providers, comparable to residence power audits and reviews, that will probably be consolidated beneath the mixed firms, Tuck mentioned. EnergySavvy will retain its Seattle and Boston places of work and its about 60 staff, together with its founding executives who hail from Microsoft, Amazon and different notable IT firms.
EnergySavvy additionally expands the realm of utility applications that Tendril has historically labored inside, Tuck mentioned. “Tendril’s typical engagement mannequin solely begins when a buyer is a part of a DSM program,” he mentioned, utilizing the acronym for demand-side administration — the utility enterprise unit usually engaged in power effectivity, demand response and different such outreach efforts.
However EnergySavvy’s relationship with utility prospects begins in the mean time they join electrical or gasoline service, giving Tendril a a lot earlier alternative to start out utilizing its knowledge analytics to form buyer habits — or, for utilities that need to compete for purchasers, supply them the form of perks and financial savings that maintain them enrolled.
Tendril’s newest acquisition additionally places it face to face with rivals comparable to Oracle’s Opower and different large gamers within the utility customer support and billing software program fields. Opower, which first went public in 2014, was acquired by Oracle for $532 million in 2016, and has turn out to be a core a part of Oracle’s broader utility buyer info system (CIS) software program providing. Final month, Oracle introduced the newest enhancements to Opower’s platform, together with knowledge analytics and buyer personalization.
Bidgely, a Silicon Valley startup with power disaggregation know-how that it has constructed right into a broadening set of utility software program choices, additionally launched an expanded set of knowledge analytics capabilities for utility customer support representatives (CSRs) in April. Bidgely has additionally inked a partnership with EnergyHub to use its knowledge analytics to the Alarm.com subsidiary’s roster of residence power units beneath administration
EnergySavvy is Tendril’s second acquisition since December, when it secured a majority funding from non-public fairness agency Rubicon Expertise Companions, with participation from Morgan Stanley Different Investments and Zoma Capital, geared toward giving Tendril’s enterprise buyers an exit and the corporate money to fill out its utility providing.
In January, Tendril acquired EEme, a Pittsburgh, Pa.-based startup with high-fidelity power disaggregation know-how that it’s folding into its broader knowledge analytics and buyer engagement software program choices.
“Our broad method is to ship a seamless buyer journey,” Tuck mentioned. “What our utility prospects inform us is that they’re fed up with being the system integrator of a bunch of various software program firms.”