Dallas-based energy broker EnergyBot announced a new round of series B funding. The amount of the round was undisclosed, and the company reported it was led by a group of strategic investors in the energy industry.
The online energy marketplace wants to help businesses find the best energy plans and make it simple.
EnergyBot’s brokerage platform does that by using artificial intelligence and industry-specific data to offer businesses a simple and transparent experience to reduce annual energy costs. As EnergyBot puts it, “we’re the only online energy marketplace that is 100% tech—fiercely digital.”
On his LinkedIn page, CEO and President Paul Rogers said that EnergyBot is “fully funded/backed by Vistra Energy and Boston Consulting Group Digital Ventures, expected to disrupt the current retail electricity market for small/medium businesses.”
The capital will be used to expand into the Texas energy market, add new data and algorithms to improve end-user pricing, and expand EnergyBot’s market channels. “This round of funding will allow EnergyBot to continue its growth trajectory and product expansion,” said Fred Purches, Chief Product Officer at EnergyBot, in a statement.
The company, founded in 2018, set out to give businesses and people an “apples-to-apples” comparison of plans with an easy-to-use online platform, it said on LinkedIn. The platform intends to “do the homework” for business to keep it simple. People can enter basic information about a business and energy use, and then compare the best energy plans offered in an area, the company explains.
On EnergyBot’s website, companies can get an “EnergyScore” based on their needs and learn how to reduce costs. EnergyScore is a beta tool designed to help uncover hidden factors behind pricing.
Users can also shop around for the best pricing based on their goals, including finding energy providers with a green focus on renewable sources or, in markets where available, sourcing the most affordable plan with natural gas.
New to businesses in Texas, EnergyBot offers energy plan comparisons in nine states, including New York, Illinois, and Ohio.
In a news statement, EnergyBot said it has a clear vision for the company’s future and how it can create a new buying experience that will better serve customers. The company gained insight into the current state of the energy marketplace via 18 months of working with businesses, it noted.
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