Aquicore raises $3.1 million round led by 1776

Aquicore raised a $3.1 million round led by 1776’s newly-minted seed fund, the company announced Wednesday morning. Other investors include Salesforce.com CEO Marc Benioff and San Francisco-based Efficient Capacity LLC.
Within the next six months, Aquicore will use the funding to expand its sales and marketing team and plans on “entering into new markets,” CEO Logan Soya told Technical.ly DC.
The company connects utility meters to the web. Its aim: “lighting up these buildings” to its network in order to identify and reduce inefficiencies across the country.
Additionally, Aquicore analyzes the data it collects. “We can also use the information to help streamline the billing and invoicing of our customers’ customers,” said Soya.
Aquicore’s technology is already in use in more than 500 buildings across the U.S., including in cities like D.C., San Francisco and Baltimore. In February, we reported on the company inking a deal with Baltimore apparel giant Under Armour.
The backing of 1776 follows a $122,500 grant awarded by the District-backed Digital DC Tech Fund, announced in October. The company is “approaching 30” full-time employees, Soya said.