Environmental fund manager Earthworm has invested £2.4m in Advizzo, a behavioural science SaaS company established to provide utilities with data to change the way consumers think about their electricity and water use.
Earthworm has more than £100m under management and only backs projects that will have a positive social or environmental impact.
Advizzo brings together software developers, behavioural scientists and utilities professionals with the aim of reducing consumption of resources and providing utilities with detailed insights into usage to increase efficiency and customer satisfaction. The cloud-based SaaS offering combines customer and operations data for millions of households worldwide, plus third-party data sources such as weather reports and social media.
Earthworm is the perfect fit for us as our values are very well aligned"
For utility companies interested in customer engagement and reducing wastage, there are many advantages. By personalising reports on usage, customers can receive messages that relate to their identity and motivators. The analytics are also predictive allowing forecasting of future demand.
Advizzo is active in utilities in the UK, France, USA, Australia and the Middle-East. As regulators seek to prevent environmental damage, utilities are seeking smart analytics to help them reduce wastage.
Patrice Guillouzic, Advizzo Co-founder and CEO, said: "Earthworm is the perfect fit for us as our values are very well aligned. Combining big data and behavioural science, we work to empower consumers through their energy and water retailers to use only the resources they need. With this fund raise, not only will we continue to enhance our software offering for energy and water utilities but also continue to expand internationally."
Will Brocklebank, Earthworm Managing Director, added: "Advizzo's is the only SaaS solution working on both energy and water savings, and fits perfectly into Earthworm's technology portfolio. We are very keen on AI technologies which conserve natural resources and help consumers make informed decisions. This technology gives utilities a really useful tool to provide excellent customer service as well as save money through reducing waste. We are excited to work with Patrice and the Advizzo team."