TrueMeter Raises $4M Seed Round Led by Ulu Ventures to Scale AI Energy Savings Platform for Brick-and-Mortar Businesses
AI-powered energy savings platform delivers up to 15% cost savings with zero upfront investment
SAN FRANCISCO–(BUSINESS WIRE)–TrueMeter, the first AI-powered platform to automate energy savings for multi-location businesses, today announced $4 million in seed funding to expand its AI-powered energy savings platform. The round was led by Ulu Ventures with participation from Pear VC, e2.vc, RiverPark Ventures, Flex Capital, Sarah Smith Fund, Cyan Ventures, Costanoa, Sand Hill Angels, and other investors, bringing total funding to $5.5+ million as the company addresses the $500B+ market for commercial energy bills. The company, which serves brick-and-mortar businesses including Yoshinoya, Fresh Direct, Studio, Misfits Markets and Local Kitchens, has already delivered $3M+ in savings.
The funding comes as energy costs continue rising for multi-location businesses. Companies are forced to rely on costly bill pay agents that handle payments but provide no savings, or engage energy brokers who focus primarily on rate negotiation without operational insights. With over 1 million multi-location businesses in the US spending $500B+ annually on energy, an estimated $75B is lost each year to suboptimal rate plans and billing errors. TrueMeter’s AI-powered platform goes beyond traditional approaches, combining automated rate optimization with real-time operational intelligence and consolidated billing management. The platform delivers 7-15% savings with zero upfront investment for growing chains to large enterprises.
“Traditional energy management solutions require businesses to spend millions on infrastructure for marginal improvements,” said Ali Sarilgan, CEO and co-founder of TrueMeter. “We’re seeing enterprises increasingly demand zero-capex solutions that deliver meaningful savings without operational disruption. This funding allows us to meet growing demand from multi-location businesses seeking predictable energy costs.”
TrueMeter’s platform combines multiple optimization strategies including instant switching to lower electricity rates, collective gas procurement, rate plan optimization, and automated utility bill auditing. The company recently expanded beyond bill management to include operational intelligence, helping customers identify energy theft and equipment inefficiencies through real-time monitoring and anomaly detection.
The platform addresses critical pain points for CFOs managing energy costs across multiple locations, including unpredictable utility bills, complex rate structures, and lack of operational visibility. TrueMeter customers receive consolidated billing, guaranteed annual pricing, and detailed analytics showing energy usage patterns and anomalies across all locations.
“The energy optimization market represents a massive opportunity for businesses seeking immediate cost reductions without capital expenditure,” said Steve Reale, Partner at Ulu Ventures, who is joining TrueMeter’s board. “Their proven ability to deliver measurable savings while streamlining operations positions them uniquely in this underserved market. We’re excited to continue supporting Ali, Ozge, and the team as they scale to meet this enormous market opportunity.”
Since launching in March 2024, TrueMeter has grown to serve over 500 business locations while processing millions in gross energy spending across restaurant chains, retail stores, and hospitality businesses. The company plans to use the funding to expand its engineering team, accelerate customer acquisition, and enhance its AI-powered energy optimization platform.
Founded by Stanford graduates with deep expertise in energy markets and corporate finance, TrueMeter combines academic research with proven industry experience. Ali Sarilgan previously led corporate strategy at GameStop, where he forecasted utility bills across 3,000+ retail locations, while Dr. Ozge Islegen-Wojdyla brings energy pricing expertise from her Stanford PhD research and pricing leadership at Instacart. Together, they are bringing energy efficiency to businesses across the country.
To learn more about how TrueMeter helps brick-and-mortar businesses reduce their energy bill, visit: truemeter.com
About TrueMeter
TrueMeter (formerly EcoTrove) is an AI energy savings platform that helps brick-and-mortar businesses reduce utility costs by up to 15% with zero upfront investment. The company’s end-to-end solution includes rate optimization, consolidated billing, predictive analytics, and operational insights for restaurants, retailers, and hospitality businesses. Founded in 2023 by Stanford graduates Ali Sarilgan and Dr. Ozge Islegen-Wojdyla, TrueMeter is backed by Ulu Ventures, Pear VC, e2.vc, and leading energy industry experts. Learn more at truemeter.com.
Contacts
(c)2025 Business Wire, Inc., All rights reserved.