Austin energy startup raises part of $500K funding round

Nov 14, 2014
Austin Business Journal

Bractlet Inc., an energy monitoring software and device maker, reported receiving $85,000 of a planned $500,000 financing

The Austin-based company collected the capital from four investors, according to a Thursday filing with the U.S. Securities and Exchange Commission

Bractlet, which was founded in 2011 by a team of Georgia Tech engineers, bills itself as an energy solutions company. It relocated to Central Texas from Atlanta in August 2013 and employed three workers earlier this year

In May, the startup reported completing a $300,000 seed financing from seven investors, an SEC filing shows. At the time, CEO Alec Manfre said he planned to use that seed funding to develop Bractlet's product and market to prospective customers

Manfre declined to name his angel investors, who he said were not based in Austin. He said the company had completed six customer installations

Bractlet developed a product that combines hardware with software to collect data from building equipment by monitoring branch circuits in a standard commercial electrical panel, the electrical mains and other components feeding individual pieces of equipment

The system uses the data it collects to generate analytics designed to enable property owners to compare cost savings of retrofitted units. Manfre declined to provide the cost of the systems

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