Opti Raises $5.5M to Scale Intelligent Stormwater Management
Industry's leading platform leverages the Internet-of-Things to help customers minimize flooding, improve water quality and meet regulatory requirements at significantly reduced cost
BOSTON and SAN FRANCISCO, Feb. 2, 2017 /PRNewswire/ -- OptiRTC, Inc. ("Opti"), announced today that it has closed on $5.5M in equity funding, led by Ecosystem Integrity Fund (EIF) with participation from existing investors including MissionPoint Partners, the Renewal Funds, the Massachusetts Clean Energy Center, and Geosyntec Consultants. The funds will be used to scale operations and expand sales and marketing to help Opti accelerate its growth at the watershed level within existing and new sites across the Country.
Headquartered in Boston, Opti provides the only cloud-based solution that directly monitors and controls stormwater infrastructure in real-time. To date, Opti has deployed more than 130 commercial and public projects across 21 states. Customers include the Philadelphia Water Department, Nestlé Waters North America, New York City Department of Environmental Protection, Washington D.C. Department of Energy and Environment, and the Metropolitan Water Reclamation District of Greater Chicago.
Urban stormwater management represents one of the most pervasive and significant environmental issues in the United States. According to the U.S. Environmental Protection Agency, nearly 850 billion gallons of stormwater pollutants are discharged into waterways each year and over 7,000 communities face regulatory mandates to manage stormwater runoff more effectively. In recent years, a shift in the frequency and intensity of rainfall events coupled with increased economic development and urbanization have further impacted communities through poor water quality, localized flooding, and combined sewer overflows. Opti provides a more effective and efficient solution to manage these water resource issues by automatically controlling the timing and rate of stormwater flow through existing and new facilities. The use of intelligent and adaptive control technology has helped customers save up to 90% of their capital cost, while achieving their environmental and regulatory objectives.
"Opti is focused on delivering cleaner water and flood control for communities around the country at scales that directly and positively impact people's ability to safely enjoy and beneficially use their water resources," said Marcus Quigley, CEO of Opti. "We are particularly proud that we can achieve these outcomes while also dramatically reducing both capital and operations and maintenance costs for our customers. Our partnership with EIF and our existing investors enables Opti to continue to build on our success to date and grow our business aggressively in the marketplace."
"We are excited to be kicking off EIF Fund III with this investment in Opti," said James Everett, co-founder of EIF, where he leads the investment team. "Opti represents the 'smart grid' of stormwater management – it is the first company to offer complete, real-time monitoring and adaptive management of municipal stormwater infrastructure. Opti is attacking a very large market opportunity in the U.S. and elsewhere with solutions that reduce risk and save money for its customers. Moreover, Opti offers a powerful new tool for protecting the health of aquatic ecosystems and adapting to climate change. The company is a perfect fit with EIF's systems approach and preference for capital-efficient businesses."
About Opti
Opti is an Internet-of-Things technology company focused on the continuous monitoring and adaptive control of distributed stormwater infrastructure. Opti's software uniquely combines sensor data, weather forecasts, and proprietary algorithms to optimize stormwater infrastructure through active, cloud-based control. Opti lowers the risk of managing stormwater by adaptively managing the rate and timing of stormwater flows. Opti aims to improve the effectiveness of new or existing infrastructure and help keep natural water bodies clean. For more information, visit optirtc.com or connect with the company on LinkedIn and Twitter.
About Ecosystem Integrity Fund
Ecosystem Integrity Fund ("EIF") is a sustainability-focused venture capital fund, targeting sectors including renewable energy, green chemistry and resource efficiency. EIF takes a systems-based approach to sustainability investment, primarily investing in more capital-efficient opportunities than the typical clean technology fund. EIF seeks out market niches that have not received the investor attention they deserve, resulting in better investment opportunities and greater impact with less capital. EIF believes small venture funds are better aligned with client interests and ensure a more disciplined approach to investment. For more information, visit ecosystemintegrity.com.
SOURCE OptiRTC, Inc.
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