March 2, 2017
Urjanet, the worldwide leader for utility data, today announced $20 million of new funding in a Series C round led by Oak HC/FT. Urjanet offers a data-as-a-service (DaaS) solution that provides line-item detail of cost and usage information from approximately 4,000 utilities in 30 countries. The data that Urjanet accesses from electric, gas, telco, water, and waste providers enables SMEs and multinational companies to automate their accounting and bill processing, manage energy costs, comply with energy reporting regulations, and monitor sustainability.
The round of funding comes as government agencies, such as the CFPB, as well as private financial institutions have recently made steps to explore programs to incorporate alternative sources of consumer payment data, such as utilities and rent, to make credit and lending decisions. The funding will enable Urjanet to expand its global network of utility providers as well as launch new data applications in the financial services industry that focus on alternative credit scoring and identity verification.
“We are excited to advance our mission to equip companies with the data they need to manage billing and payments, energy consumption and utility costs, and achieve sustainability goals,” said Sanjoy Malik, CEO of Urjanet, commenting on the investment round. “Oak HC/FT’s financing will enable us to broaden our reach to the world’s largest corporations and utility providers, as well as accelerate our launch of new applications using utility data as an alternative source for credit scoring and identity verification.”