WegoWise raises $3m as it expands its energy-analytics platform into commercial real estate

WegoWise, a Boston firm whose analytics help owners of multifamily real estate portfolios save money on utility bills, said it has raised $3 million in financing from Boston Community Capital.

Andrew Chen. Photo taken from company website.

The funding will support WegoWise’s recent expansion into the commercial real estate sector, said the firm, which added that it has raised nearly $5 million to date since its founding in 2010.

With a corporate head count of 22 employees, WegoWise provides a Web-based utility analytics platform. Bridging big data and energy efficiency, this platform distills large aggregations of energy and water data into useful, actionable information for building owners, managers, and energy auditors. WegoWise enables property owners to easily identify their least efficient buildings, where they can perform building upgrades that maximize return on investment and boost net operating income.

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“WegoWise’s mission is to create a universal tool to improve the efficiency of the built environment,” WegoWise chief executive Andrew Chen said in a statement. “Boston Community Capital has been an ideal partner in supporting our development of low-cost efficiency solutions for all types of properties—multifamily buildings, single-family homes, and now commercial buildings as well.”

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