A sign outside Uplight Inc.'s Boulder headquarters. Lucas High/BizWest Media

Energy software startup Uplight achieves unicorn valuation at $1.5B

BOULDER — Uplight Inc. has taken a new investment deal from a bloc of investors that values the company at $1.5 billion, making it Colorado’s newest unicorn.

The Boulder company did not disclose the exact amount of funding but in a statement said that its latest round was co-led by French energy efficiency firm Schneider Electric and power distributor AES Corp. (NYSE: AES). The group of private-equity investors were led by sustainability-focused fund Huck Capital Management LLC.

The venture capital industry uses the term “unicorn” for a privately-held company that reaches a valuation past $1 billion. Colorado Springs-based Quantum Metrics Inc. and Denver’s Ibotta Inc. are the state’s latest home-grown unicorns.

Uplight’s suite of software gives utilities granular data about how customers consume energy in their homes and businesses and offers ways to reduce their base power demand. It also provides a marketplace for consumers to find rebates and deals on energy-efficient appliances and electric vehicles.

It already counts major energy providers such as Xcel Energy Inc. (Nasdaq: XEL), ConEdison Inc. (NYSE: ED) and Duke Energy Inc. (NYSE: DUK) among its customer base of more than 80 energy providers. 

In an interview with BizWest, Chief Operating Officer Angela Tucci said the funding will be used to reinforce its core businesses by recruiting more utility customers and attracting more energy-efficient device makers into its consumer products business, along with an expansion from residential-focused efficiency services into the commercial-facing market.

“We can diversify from really a centricity in residential to much more in the commercial and industrial space… in ways that we couldn’t without this sort of backing, or at least not at this pace,” she said.

She also said the investment from Schneider, which she estimates has parts in a third of every building on the planet, positions the company to expand internationally.

However, the company is laying roots in Boulder. It currently employs about 200 people in Colorado with the majority in the city and plans to ramp up hiring, and it’s building a new headquarters near Pearl Street that it expects to complete this summer.

Boulder-based Rubicon Technology Partners will retain a minority stake in Uplight with the new deal coming into effect. That firm was Uplight’s majority investor and led its creation after the merger of Tendril Networks Inc. and Simple Energy Inc. in 2019, along with several other acquisitions that led to what is now Uplight.

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BOULDER — Uplight Inc. has taken a new investment deal from a bloc of investors that values the company at $1.5 billion, making it Colorado’s newest unicorn.

The Boulder company did not disclose the exact amount of funding but in a statement said that its latest round was co-led by French energy efficiency firm Schneider Electric and power distributor AES Corp. (NYSE: AES). The group of private-equity investors were led by sustainability-focused fund Huck Capital Management LLC.

The venture capital industry uses the term “unicorn” for a privately-held company that reaches a valuation past $1 billion. Colorado Springs-based Quantum Metrics Inc. and Denver’s Ibotta Inc. are the state’s latest home-grown unicorns.

Uplight’s suite of software gives utilities granular data about how customers consume energy in their homes and businesses and offers ways to reduce their base power demand. It also provides a marketplace for consumers to find rebates and deals on energy-efficient appliances and electric vehicles.

It already counts major energy providers such as Xcel Energy Inc. (Nasdaq: XEL), ConEdison Inc. (NYSE: ED) and Duke Energy Inc. (NYSE: DUK) among its customer base of more than 80 energy providers. 

In an interview with BizWest, Chief Operating Officer Angela Tucci said the funding will be used to reinforce its core businesses by recruiting more utility customers and attracting more energy-efficient device makers into its consumer products business, along with an expansion from residential-focused efficiency services into the commercial-facing market.

“We can diversify from really a centricity in residential to much more in the commercial and industrial space……