San Diego-based WeMonitor Inc., a developer of home energy efficiency monitoring products, announced it will receive $5.3 million in Series A funding from Norfolk, Virgina-based Dominion Investment Group.
The company said that with the funding it plans to expand its technical and marketing team, and release its first product offerings in the fourth quarter of 2013. WeMonitor has developed a computer program that can analyze a user’s energy consumption, and develop a plan to lower costs, said Robert Poor, the company’s vice president of marketing.
“We believe WeMonitor offers an excellent investment opportunity for our clients,” said Daryl Bank of Dominion Investment Group. “Market research predicts a 45 percent year-over-year growth in the Residential Energy Monitoring market, and WeMonitor is well positioned to become the dominant player in that market.”
WeMonitor was launched earlier this year. This is the company’s first investment round.
— Meghana Keshavan