(Bloomberg) -- Blueprint Power, a New York-based startup, arranged $3.5 million in funding to develop technology that helps building operators sell power in competitive markets.
The Series A funding round was led by Congruent Ventures, MetaProp Ventures and individual investors Fred Wilson and Brad Burnham, said Robyn Beavers, Blueprint's co-founder and chief executive officer. Other participants included founding backers Lennar Corp. and Fifth Wall Ventures, along with Hanwha Group unit 174 Power Global.
Blueprint's software lets building owners manage on-site energy resources such as solar panels and then sell excess power to the grid. Recent regulatory changes in New York are opening wholesale competitive power markets to operators of smaller-scale generating assets, Beavers said.
To contact the reporter on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net
To contact the editors responsible for this story: Joe Ryan at jryan173@bloomberg.net, Will Wade, Margot Habiby
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