Tank Utility raises $2.2 Million in seed funding with strategic participation from Generac
BOSTON, Aug. 30, 2016 /PRNewswire/ -- Tank Utility, a service provider of remote monitoring for truck-delivered fuels, has closed on $2.2M in seed funding. Energy Foundry and Blue Fog Capital led the oversubscribed round with participation from Generac Power Systems, Bolt, and several strategic angels. These funds will further Tank Utility's mission of making truck-delivered energy as efficient and customer-friendly as modern web retail services. Tank Utility launched its product sales in late 2015 and has since signed up thousands of subscribers across 46 states and Canada for its remote tank monitoring services, including some of the largest, most customer-centric marketers of delivered fuel.
"The delivered fuels industry is a large, overlooked space in which the Tank Utility team can bring about major change," said Harris Brody, a partner at Blue Fog Capital. "The company's approach to improving operating efficiency and cutting costs for fuel deliverers while at the same time increasing customer satisfaction is a win-win-win scenario. Marry this with a great consumer value-proposition and the team's depth in leading-edge energy monitoring technology and you have all the ingredients to capture a commanding position in this market."
"More than 30% 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 suppliers," said Sara Hochman, Managing Director of Energy Foundry. Energy Foundry's participation and presence in Chicago will help the Tank Utility team expand further into the Midwest market, the largest propane-consuming region in the US.
This funding also marks the beginning of a strategic partnership with Generac, a market leading provider of residential backup generators. "Tank Utility's fuel level monitoring services are a perfect fit for our customers," said Aaron Jagdfeld, CEO of Generac. "With accurate visibility into exactly how much propane is left and the ability to notify fuel distributors before the generator runs out, we can be even more proactive in helping our customers make sure the lights stay on."
The Tank Utility service is easy to setup and use while the hardware is rugged and reliable. Home or business owners can purchase a propane tank level monitor from the Tank Utility website and use the associated Android or iOS apps to connect it to the internet, set alerts for when fuel levels get low, and track daily usage. Fuel delivery companies who provide fuel to thousands of tanks can also take advantage of Tank Utility's cloud-based portfolio management software to more effectively manage tank levels and engagement across all their customers.
"We have been humbled by the response from our customers," said Amos Epstein, CEO and co-founder of Tank Utility. "Since our launch, 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. With this infusion of capital we are thrilled to be able to accelerate our growth and provide an even higher level of service."
About Tank Utility:
Tank Utility is a leading provider of remote monitoring services for truck-delivered energy. The company's offerings include internet-connected tank level monitors, cloud-based software, and mobile apps that streamline delivery logistics and improve customer service. Tank Utility is a venture-backed company founded in 2014 by several employees from a leading demand response and energy intelligence software company. For more information, visit www.tankutility.com, or follow us on Twitter @tankutility.
SOURCE Tank Utility
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