Company Paying Residential Customers For Peak-Time Reductions Raises $8.5M In Funding, Says Will Use Capital To Expand To Texas, New York

OhmConnect, which currently pays California residential customers for electricity usage reductions in response to alerts, announced that it has raised $8.5M in a Series B funding round, led by Mike Maples of Floodgate, along with Jennifer Fonstad of Aspect Ventures, Josh Cohen of City Light Capital, Dan Skaff and Kat Taylor of Radicle Impact, Jerry Yang & Jeff Chung of AME Cloud Ventures, Jim Babcock of Cthulhu Ventures, and Mark Pincus.

Using a total of $15M in funding raised through various rounds, OhmConnect set a goal to have 1 Gigawatt under its service by 2020, by expanding into new markets beyond California, including New York, Texas, and the rest of the country.

OhmConnect's program is currently focused on the California utilities which have certain tariffed and other programs to pay for usage reductions.

OhmConnect has over 300,000 participants who generate over 100 megawatts in savings.