Overview

Optiwatt connects home electricity rate data with electric vehicle (EV) battery metrics to provide users with detailed information about the cost of charging their EVs. By securely logging into the EV's app and using the home address, Optiwatt automatically retrieves the user's electric utility costs. This service helps users understand how their EV affects their electric bill. Additionally, Optiwatt alleviates range anxiety by offering charge forecasting, which predicts charging needs based on home electricity rates and real-time gas prices. This allows users to see how much they save by driving electric compared to traditional gas vehicles.

Simplify's Take

What believers are saying

• Increased EV adoption drives demand for Optiwatt's smart charging solutions.
• Integration of renewable energy sources creates opportunities for Optiwatt's energy optimization.
• The Inflation Reduction Act incentivizes energy efficiency, boosting Optiwatt's technology adoption.

What critics are saying

• Competition from established companies like Tesla and ChargePoint is intensifying.
• Potential regulatory challenges from new state-level energy policies may affect operations.
• Growing data privacy concerns could impact Optiwatt's data-driven services.

What makes Optiwatt unique

• Optiwatt offers a free app for EV charge management, saving users $388 annually.
• The app automatically schedules EV charging when electricity rates are cheapest.
• Optiwatt's 'Save the Planet' tool enhances its consumer energy optimization offerings.

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Funding

Total Funding

$11.3M

Below

Industry Average

Funded Over

2 Rounds

$7,000,000

Series A

Nov 2023

Series A funding typically happens when a startup has a product and some customers, and now needs funding to scale. This money is usually used to grow the team, expand marketing, and improve the product. Venture capital firms are frequently the main investors here.

Series A Funding Comparison

Below Average

Industry standards

Ind Avg. $15M

$3.7M

$5M

$7M

$8.2M

$15M

$30M

View all funding stages