Boulder’s Copper Labs is helping utilities become more efficient, providing real-time energy usage data to the consumers and companies with a wireless solution.
The company announced Thursday that it has raised $2 million in new financing to further build out its product and team.
24 Colorado companies were approved to receive Proof-of-Concept and Early Stage Capital and Retention grants, which fund companies commercializing innovative technologies to create viable products that meet a market need and can be created or manufactured in Colorado and exported globally.
One Colorado company – Copper Labs – successfully met all of its performance milestones and was approved for $100,000 of second-round or “transition” funding.
The internet of things (IoT) is a megatrend influencing nearly every industry, and few more so than energy utilities. The confluence of reliable, low-cost wireless technology, greater industrial automation, and data analytics is leading to a more responsive energy grid that lowers costs for both utilities providers and consumers.
Copper Labs, based in Boulder, Colorado, is one company helping make this trend a reality. Founded by IoT veterans, the startup is giving energy a voice through user-friendly energy monitoring devices.
Copper Labs was among the 24 Colorado start-ups approved for funding this year as part of the Colorado Office of Economic Development and International Trade (OEDIT)’s Advanced Industries Accelerator Grant Program.