EcoFactor, a startup that uses smart algorithms and connected thermostats to reduce customers’ energy consumption, has raised another round of $8 million. That brings the company’s total funding raised to date to $13.5 million.
EcoFactor, founded in 2006 and launched in late 2009, has developed software that plugs in a lot of data about things like weather and demographics, and combines that data with information about the home owners’ behavior. EcoFactor uses these big data sets to tweak a home’s connected thermostat settings ever so slightly to shave off energy consumption, but also to maintain a comfortable temperature in the home.
Think of EcoFactor’s software a bit like Nest’s learning thermostat, but without the slick hardware. Customers can manually override the EcoFactor settings at any time.