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VC-backed cloud software company Opower raises $116m in IPO

7 Apr 2014

news_infra_power_lines.lrg_Venture capital-backed cloud software developer Opower has raised $116m through its New York IPO.

The company, which develops software for the utility industry, sold 6,100,000 shares at $19 per share.

Opower granted the underwriters a 30-day option to purchase up to 915,000 additional shares

Most recently the company closed a $50m strategic round of financing in 2010. The round was co-led by Accel Partners and Kleiner Perkins Caufield & Byers, with participation from New Enterprise Associates, Opower’s largest investor. Other VC backers include New Cycle Capital and MHS Capital.

Opower’s platform has been proven to help electric and gas utilities engage their customers, drive unprecedented gains in energy efficiency, and improve customer satisfaction.  Opower’s prior financing was in 2008, with capital raised from NEA and early-stage fund MHS Capital.

The platform uses data analytics to evaluate a household’s energy usage patterns – without the need for hardware to be installed inside the home – and applies behavioral science techniques and a multi-channel communication strategy to engage millions of homes and motivate energy saving actions.

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