Austin, TX’s Curb Raises $1.25M for “Smart Home” Energy Software
Austin, TX cleantech startup Curb has nabbed $1.25 million in investment that comes after the company ran a successful Indiegogo campaign that was oversubscribed by more than 300 percent.
In August, Curb raised $120,000 through crowdfunding. That helped the company raise the more than one million in seed funding from angel groups and the Capital Factory, an Austin incubator/co-working space where Curb first got its start. “In investors’ eyes, (the crowdfunding) took Curb from an untested pre-revenue product to a post-revenue company with significant traction,” says Curb founder Erik Norwood.
Curb, which was founded last year, makes a device that acts as a home’s “nervous system.” Installed into a homeowner’s circuit breaker box, software uses algorithms to analyze what Norwood calls the “electric signature” of each appliance. The idea is to be able to track in real-time which appliances are energy hogs and pinpointing those on the verge of breaking down. The hardware and software for the Curb Energy Monitor costs from $249 to $399, with discounts for purchasing multiple units for use in larger homes.
The company has sold nearly 400 units through the crowdfunding effort; Norwood says he expects those devices to be sent to customers later this fall. The new investment will be used for product development and distribution, he adds.
In particular, Norwood says the company learned that targeting solar-friendly customers is key. “If you have solar or an electric car, getting the Curb system is an easy decision—it’s the only way to find out how much your car is costing you and the easiest way to make sure your solar system is working well,” he says.