Noesis Energy Inc., a closely held provider of energy-management services, received $8 million to expand sales and marketing operations.
Black Coral Capital led the Series B financing, which also included Austin Ventures, which contributed $6.5 million in Series A financing last year.
Noesis, based in Austin, Texas, uses a so-called “freemium” business model where it provides for free a web- based platform to monitor energy use and then charges for additional premium services. Noesis also generates revenue from sponsorships with companies including KMC Controls Inc. and MSi Solid-State Lighting.
“The ’freemium’ model makes us a bit unusual in the space,” Chief Executive Officer Scott Harmon said today in a telephone interview. “It allows people to use our basic functionality on an unlimited basis in as many buildings and meters as possible.”
The Noesis desktop product is used in more than 3,500 buildings by at least 300 customers, Harmon said. The company plans to add sales and marketing personnel to a staff of 27.
“We don’t have any sales people at all,” Harmon said. “We’ve done all marketing through the Internet.”
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