CUE’s software as a service (SaaS) platform is an automated, scalable, energy-optimization system that uses the thermal mass of commercial office buildings to make them more energy efficient. In other words, CUE essentially turns a “building into a battery” capable of energy storage on a multi-MW scale.
Battery Ventures Partner Jason Matlof explains, “Smart building technologies are quickly becoming a significant new category of investment in cleantech, where energy efficiency meets mainstream IT. CUE’s a perfect example of this trend. Their solution uniquely combines proven building physics, a robust hosted software analytics platform, and a SaaS business model to deliver dramatic energy spending savings to commercial office buildings. Rich Earley is a proven entrepreneur and leader and we’re excited to partner with him to help grow CUE into a category leading, sustainable business.”
CUE reports that its technology helps large commercial office buildings reduce building HVAC energy use and expenses by up to 30 percent; improve electric generation efficiency and environmental performance; and at a macro level introduces demand elasticity into electric grid markets.
CUE CEO, Rich Earley, calls the funding “an important and critical milestone for our business, and will enable us to accelerate product engineering and customer acquisition during this next phase of rapid growth. The market knowledge and relationships that our new investors bring to the table will help us rapidly penetrate the property management and owner community to become a leading technology provider in the market.”
Joshua Ruch, Rho Ventures managing partner, adds: “CUE represents a major milestone in the convergence of the cleantech and IT industries. With a compelling SaaS-based solution, CUE is delivering a new standard of electricity savings that uses a building’s thermal mass and delivers significant megawatt storage capacity to grid operators. We believe CUE is well positioned to take advantage of a significant market opportunity in building energy efficiency.”
Jason Matlof from Battery Ventures and Joshua Ruch from Rho Ventures will assume seats on CUE’s board of directors.
For more information, visit www.cleanurbanenergy.com.