Evoworx raises cash as it faces off with Google and Microsoft |
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Evoworx raises cash as it faces off with Google and Microsoft
Evoworx -- a tiny Seattle startup that's looking to help people monitor their energy use in the home -- certainly has some big competitors looming on the horizon. After all, just two months ago, Microsoft introduced Hohm -- a free online service that's also designed to help home owners track their energy consumption.
And, if that weren't enough of a competitive threat, Google earlier this year unveiled a similar offering called PowerMeter. Together, those two tech titans have a market value of some $350 billion. And when they get in a scrap -- as evidenced by the recent search battle -- watch out.
Nonetheless, Evoworx co-founder Aaron Goldfeder is pushing forward. And his 2-person startup -- which plans to unveil its service later this summer -- has secured more than $300,000 in new angel financing. (Total funding now stands at about $500,000.)
Goldfeder, a former Microsoft program manager, is undettered by the big-named rivals. And he says they aren't try to outmaneuver Google or Microsoft.
"It is a huge market, and there's a lot of stuff that needs to get done here," said Goldfeder. "And those two companies are both companies that we admire and respect, so we are excited that they are in the field because they are helping to grow the market and raise awareness and make things happen. We are a real small company, so we are trying to solve smaller problems. There is plenty of room for us to operate and grow."
Goldfeder wouldn't say what sets Evoworx apart, but an initial product launch and name change is in the works. Evoworx also hopes to gain some traction after the House of Representatives passed the Waxman-Markey bill, which Goldfeder said makes "clean energy more economically on par with other forms of energy."
Evoworx also has been building out a "deep bench" of energy efficiency, Internet and residential real estate experts in recent months. Its advisers now include Michael Blasnik, Brian Schultz, Aaron Fairchild and David Bangs.
The company's chairman is Karl Siebrecht, the former president of aQuantive's Atlas unit.
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