The company plans to use the money to expand further into America’s Midwest and nationally
Tank Utility, based in Boston in the US and which uses software and the Internet of Things (IoT) to remotely monitor propane tank levels, has raised $2.2m in seed funding.
The seed round was led by venture capitalist firms Energy Foundry and Blue Fog Capital, with involvement from other investors including Generac Power Systems, Bolt, as well as angel investors. The company plans to use the money to expand further into America’s Midwest, and nationally.
"More than 30 per cent of households in the Midwest rely on propane for heat, and Tank Utility’s solution brings a new level of visibility to energy consumers and their fuel suppliers,” said Sara Hochman, managing director of Energy Foundry.
With Tank Utility’s solution, the propane tanks used to heat and power rural homes and businesses are kitted out with: internet-connected tank level monitors; cloud-based software; and mobile apps that streamline delivery logistics and improve customer service. The company’s product sales began in late 2015, and it claims thousands of subscribers across 46 states and Canada use its remote tank monitoring services.
According to Tank, its platform brings major efficiencies to the $60bn delivered fuels industry, cutting costs for fuel deliverers and creating a customer engagement tool that gives homeowners and businesses peace of mind.
“We have heard countless stories about how our service has prevented major damage to homes, helped keep businesses running, and saved tons of time and money,” said Amos Epstein, CEO and co-founder of Tank Utility. “With this infusion of capital we are thrilled to be able to accelerate our growth and provide an even higher level of service."
Energy Foundry invests venture capital in the most promising energy innovators. It claims that with the backdrop of Illinois’ billion-dollar grid modernisation efforts, its investment model is designed to reduce risk and accelerate speed to market.