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AI Energy Agent, Which Shops Rates Across Energy Companies, Raises $4M Seed Round
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TrueMeter, formerly EcoTrove, announced $4 million in seed funding, "to expand its AI-powered energy savings platform."
The round was led by Ulu Ventures with participation from Pear VC, e2.vc, RiverPark Ventures, Flex Capital, Sarah Smith Fund, Cyan Ventures, Costanoa, Sand Hill Angels, and other investors, bringing total funding to $5.5+ million. EcoTrove had previously announced a $1.5 million pre-seed fundraise, co-led by Pear VC and e2.vc
EcoTrove had previously described its service as an, "AI energy agent that replaces traditional power bills with flat-rate payment plans for lower-cost, cleaner energy."
While details concerning EcoTrove's prior launch focused more on what appeared to be utility rate/tariff selection, as well as finding and maximizing government incentives, further marketing from TrueMeter confirms that its services extend to "shopping" among different retail energy providers
Specifically, TrueMeter's website states, "TrueMeter locks in fixed power rates by shopping across 3,000+ energy companies - allowing custom payment plans that ensure you beat your utility budget."
TrueMeter's website further states that TrueMeter, "Instantly switches you to lower-cost electricity suppliers," and, "Negotiates bulk natural gas procurement."
TrueMeter also:
• Optimizes rate plans
• Claims available government rebates and clean energy incentives
• Detects and corrects utility errors
• Participates in wholesale market trading where possible
TrueMeter focuses on multi-location businesses, particularly brick-and-mortar businesses.
TrueMeter said that it serves Yoshinoya, Fresh Direct, Studio, Misfits Markets and Local Kitchens. Since launching in March 2024, TrueMeter said that TrueMeter has grown to serve over 500 business locations while processing millions in gross energy spending across restaurant chains, retail stores, and hospitality businesses
EcoTrove in February of this year had stated that it served, "homes and brick and mortar businesses".
TrueMeter also touts a "Guaranteed 7 - 15% savings", further stating on its website that, "TrueMeter automatically finds the lowest energy rates across all your locations without any investment required of your team - guaranteed or we pay the difference."
"If our algorithm lowers your costs below the guaranteed rate, we share in the upside. If we don’t, we lose money—not you," TrueMeter's website states
TrueMeter states, "TrueMeter's AI-powered platform goes beyond traditional approaches, combining automated rate optimization with real-time operational intelligence and consolidated billing management."
TrueMeter states, "TrueMeter's platform combines multiple optimization strategies including instant switching to lower electricity rates, collective gas procurement, rate plan optimization, and automated utility bill auditing. The company recently expanded beyond bill management to include operational intelligence, helping customers identify energy theft and equipment inefficiencies through real-time monitoring and anomaly detection."
TrueMeter on its website contrasts its broad energy service, which includes various other energy consulting including advisory relating to energy efficiency and capital spend (e.g. solar, LED, etc), to "Direct Procurement (Brokers or Consultants)".
TrueMeter on its website states, "Brokers and consultants shop rates, but their scope is limited. They can negotiate one contract, not systematically optimize across locations, markets, and billing errors."
TrueMeter also states on its website that, "the energy landscape is cluttered with niche vendors," who address various areas, such as energy procurement, solar installations, retrofitting, etc. "Each promises a slice of savings but leaves CFOs juggling multiple contracts, inconsistent ROI, and opaque reporting," TrueMeter states on its website
TrueMeter specifically cites as niche the following: "Energy choice optimizers: Consultants and brokers that manually examine utility power choice options in exchange for project fees, and make recommendations for their clients to implement that might net 3-7% in savings."
TrueMeter says of its service, "Instead of juggling multiple vendors, CFOs get consolidated billing, automated audits, and real-time intelligence across every location".
TrueMeter alleges on its website that, "Brokers & consultants get paid whether or not savings materialize."
TrueMeter also alleges on its website that, "Bill-pay agents (like Capturis, Engie [sic]) collect fees to move money around, but don’t reduce costs."
TrueMeter alleges, "Companies are forced to rely on costly bill pay agents that handle payments but provide no savings, or engage energy brokers who focus primarily on rate negotiation without operational insights."
A terms of service appearing on TrueMeter’s website states that the customer has the option to subscribe to TrueMeter’s energy bill payment platform (the "Subscription").
"Our Subscriptions are customized for you, and dependent on the services and products offered by your local utility and energy provider (your 'Energy Provider'), and the prices charged therefore," the terms of service state
The terms of service also state, "You acknowledge and agree that, in order for us to provide your Subscription, you must: (1) electronically execute an 'Energy Agent Agreement', which will be provided to you by us and which will allow us to work with your Energy Provider on your behalf; (2) provide us with ongoing and uninterrupted access to your online account with your Energy Provider (your 'Energy Account'), by authorizing us to access your Energy Provider’s online data sharing platform; (3) notify us whenever you move and change the address at which you receive services from your Energy Provider; and (4) provide us accurate, truthful, and complete information in response to any questions we ask you regarding the Services."
The terms of service also state, "Our goal is to lower your monthly utility bill with your Energy Provider. In order to help us provide the Services to you, you acknowledge and agree that you will sign the Energy Agent Agreement we provide to you, and as stated in the Energy Agent Agreement, you understand and agree that we may request information and take actions on your behalf, including but not limited to, requesting and receiving billing records and billing history, request rate changes, place your energy bills on a payment plan with your Energy Provider, and enroll you in certain programs offered by your Energy Provider."
TrueMeter customers, "Pay for all [] utilities through a single predictable invoice," and the customers, "Let TrueMeter automatically audit, account, and pay all due utility bills, and coordinate utility service requests."
TrueMeter plans to use the funding to expand its engineering team, accelerate customer acquisition, and enhance its AI-powered energy optimization platform
TrueMeter states, "Founded by Stanford graduates with deep expertise in energy markets and corporate finance, TrueMeter combines academic research with proven industry experience. Ali Sarilgan previously led corporate strategy at GameStop, where he forecasted utility bills across 3,000+ retail locations, while Dr. Ozge Islegen-Wojdyla brings energy pricing expertise from her Stanford PhD research and pricing leadership at Instacart."
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Contrasts Program To "Niche" Vendors Such As Brokers
September 10, 2025
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Copyright 2025 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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