The company is a 2013 graduate of the Advanced Technology Development Center’s ATDC Signature program and 2009 graduate of VentureLab a sister technology incubator, which, like ATDC, is at Georgia Tech.
Urjanet, offers a data-as-a-service (DaaS) solution that provides line-item detail of cost and usage information from approximately 4,000 utilities in 30 countries. The data that Urjanet accesses from electric, gas, telco, water, and waste providers enables SMEs and multinational companies to automate their accounting and bill processing, manage energy costs, comply with energy reporting regulations, and monitor sustainability.
The round of funding comes as government agencies, such as the CFPB, as well as private financial institutions have recently made steps to explore programs to incorporate alternative sources of consumer payment data, such as utilities and rent, to make credit and lending decisions. The funding will enable Urjanet to expand its global network of utility providers as well as launch new data applications in the financial services industry that focus on alternative credit scoring and identity verification.
“We are excited to advance our mission to equip companies with the data they need to manage billing and payments, energy consumption and utility costs, and achieve sustainability goals,” said Sanjoy Malik, Urjanet’s CEO. “Oak HC/FT’s financing will enable us to broaden our reach to the world’s largest corporations and utility providers, as well as accelerate our launch of new applications using utility data as an alternative source for credit scoring and identity verification.”
Patricia Kemp, general partner at Oak HC/FT, added, “Urjanet is tackling a critical concern for many companies: managing their complex utility expenses and billing data. We look forward to working with Sanjoy and the Urjanet team, as they roll out their data service to new customers, and expand their reach into adjacent markets and financial services.”
Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). Urjanet is the 16th investment by Oak HC/FT since launching the inaugural $500 million fund in June 2014. The fund and its investors contain deep domain experience and are uniquely positioned to provide entrepreneurs and companies with strategic counsel, board-level participation, and access to an extensive network of industry leaders. Ms. Kemp will join the board of Urjanet.
Urjanet is based in Atlanta and was founded at ATDC. The technology was developed at the Georgia Institute of Technology through a research and funding partnership with the National Science Foundation and the Georgia Research Alliance (GRA). Investors include Grotech Ventures, and Correlation Ventures, Imlay Investments, and the GRA.