# OhmConnect

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/ohmconnect

- Industry: Software
- Headquarters: Oakland, US
- Website: www.ohmconnect.com
- Total disclosed funding: $75M
- Latest round: Series D (Feb 13, 2022)
- Investors on record: 12

## About

OhmConnect, Inc. is a technology company that empowers residential customers to manage energy consumption effectively, reducing costs and environmental impact during peak demand periods through innovative demand response solutions.Founded in 2013 in Oakland, US, OhmConnect, Inc. specializes in demand response services that help consumers reduce electricity usage during peak times. The company has evolved its strategy to enhance customer engagement and utility partnerships. Curtis Tongue and Cisco DeVries are pivotal figures in its leadership. OhmConnect has completed four deals, with its most recent funding round being a Series D, raising USD 55.00 mn on February 13, 2022, backed by investors including Carrier Corporation and Citi Ventures. The total amount raised by the company now stands at USD 55.00 mn, with a current valuation of USD 257.096 mn.OhmConnect primarily offers a platform that enables residential customers to save on their energy bills by reducing electricity consumption during peak demand periods. The core service is a demand response program that alerts users when energy prices surge, allowing them to adjust their usage accordingly. This is achieved through partnerships with utility companies such as PG&E, SCE, SDG&E, and Con Edison, primarily targeting customers in California and New York. By leveraging smart home technology, users can receive incentives for curtailing energy use, which can include cash rewards, gift cards, and smart device discounts. The service aims to address the dual challenges of rising energy costs and the environmental impact of energy production, promoting a more sustainable consumption pattern among its customer base.OhmConnect generates revenue through a combination of user participation in its demand response programs and partnerships with utility companies, where users receive incentives for reducing their energy consumption. The transaction structure involves direct interactions with consumers who enroll in the program, providing utility usage data and becoming active participants within a specified timeframe. Customers may also benefit from promotional offers such as free smart plugs or discounted smart thermostats upon meeting eligibility criteria. This model encourages household engagement in energy-saving practices while allowing OhmConnect to collaborate with utility providers to balance grid demand. The specific pricing plans for the platform’s services or incentives for users have not been disclosed.In February 2022, OhmConnect, Inc. raised USD 55.00 mn in Series D funding, co-led by ClearSky and TELUS Ventures, to expand its energy flexibility solutions into new markets. The funding will support the build-out of several gigawatts of flexible electric load across the United States. OhmConnect is planning to enhance its service offerings and target expansion into additional states, focusing on increasing market penetration and customer engagement.

## Funding rounds

- Series D, Feb 13, 2022, $55M — TELUS Ventures, City Light Capital, Carrier Corporation, SunPower, Floodgate, ClearSky Advisors LLC, Citi Ventures, Radicle Impact Partners, Elemental Impact, Sidewalk Infrastructure Partners, Japan Energy Capital
- Series C, Dec 7, 2020, $20M — Elemental Impact, Sidewalk Infrastructure Partners (SIP)
- Series A, Dec 1, 2015 — City Light Capital

## Investors

- City Light Capital (https://capitalatlas.ai/funds/city-light-capital) — Series A, Series D
- Elemental Impact (https://capitalatlas.ai/funds/elemental-impact) — Series C, Series D
- Sidewalk Infrastructure Partners (SIP) — Series C
- TELUS Ventures (https://capitalatlas.ai/funds/telus-ventures) — Series D
- Carrier Corporation — Series D
- SunPower — Series D
- Floodgate (https://capitalatlas.ai/funds/floodgate) — Series D
- ClearSky Advisors LLC — Series D
- Citi Ventures (https://capitalatlas.ai/funds/citi-ventures) — Series D
- Radicle Impact Partners (https://capitalatlas.ai/funds/radicle-impact-partners) — Series D
- Sidewalk Infrastructure Partners — Series D
- Japan Energy Capital (https://capitalatlas.ai/funds/japan-energy-capital) — Series D