WaterSmart® Closes $4.5M Series A
The Westly Group leads with Physic, DFJ, and Apsara Participating
SAN FRANCISCO, CA — WaterSmart Software, the leading customer engagement solutions company for water utilities to educate customers on conservation, today announced the close of a $4.5M Series A led by The Westly Group. Also participating in the round were Physic Ventures, Draper Fisher Jurvetson (DFJ), and Apsara Capital.
“This infusion of capital will help WaterSmart build on the success of the last year and bring our cloud-based customer engagement software to more water utilities across the country,” said Peter Yolles, Founder and CEO of WaterSmart.
WaterSmart provides cloud-based software to help water utilities engage their residential customers and make personalized recommendations on how to conserve water. WaterSmart’s technology has been proven to increase customer engagement by three times while also reducing residential water demand by as much as 5% in just 6 months.
The Company has announced contracts with utilities throughout California, Colorado and Texas including East Bay MUD, Irvine Ranch Water District, and the Cities of Sacramento, Davis and Newport Beach.
“WaterSmart has changed how we build relationships with our customers,” said Fiona Sanchez of Irvine Ranch Water District. “Every conservation manager in the country will be surprised how easy it is to be so much more effective using WaterSmart.”
WaterSmart uses behavioral science techniques to increase customer engagement, elevate consumer interest in saving water and money, and increase participation in utility-sponsored efficiency programs. WaterSmart’s enterprise product includes an analytics tool, which allows utility managers to view how their customers use water, track program performance and identify where efficiencies can be generated.
“WaterSmart has the potential to revolutionize how the entire water industry engages and educates its customers,” said Steve Westly, Founder of The Westly Group. “WaterSmart’s impressive traction and enthusiastic customer base bode well for rapid growth in the months and years to come.”
This is the third round of funding WaterSmart has announced. The Company, incubated by Menlo Incubator, also raised $900,000 in 2011 from Menlo Incubator, Sand Hill Angels, DFJ, and Physic Ventures; and $1.5M in 2012 from the same investors plus Apsara Capital. WaterSmart plans to use the Series A funds to expand its sales and marketing teams and bring its customer engagement platform to water utilities throughout North America.
Steve Westly will join the Board of Directors of WaterSmart, which already includes Andy Donner from Physic Ventures, Gary Kremen, founder of Clean Power Finance and Match.com, Henri Lambert of Apsara Capital, and Peter Yolles, WaterSmart’s Founder and CEO.
WaterSmart Software provides intelligence beyond the meter to make the lives of water utility managers easier. Water providers using WaterSmart’s cloud-based, customer self-service and engagement platform have been proven to reduce costs, improve operational efficiency, and increase customer satisfaction by more than 25%. WaterSmart is a winner of the globally coveted World Economic Forum Technology Pioneers Award for their potential to “significantly impact business and society through the design, development and implementation of new technologies and innovation.” Come help us change the way the world uses water.
Ali Barsamian, WaterSmart Software – (415-366-8622 x 819): abarsamian@watersmart.com