Tank Utility, a service provider of remote monitoring for truck-delivered fuels, announced that it closed on $2.2 million in seed funding.
Subscribing were venture capital firms Energy Foundry and Blue Fog Capital, along with Generac Power Systems and Bolt, according to an Aug. 30 statement issued by Amos Epstein, co-founder and CEO of Tank Utility, based in Boston, Mass.
The funds will be used to further Tank Utility’s mission of making truck-delivered energy “as efficient and customer-friendly as modern web retail services,” according to the statement. Tank Utility launched its product sales in late 2015. It has signed up subscribers across 46 states and Canada for its remote tank monitoring services, according to the statement.
“The delivered fuels industry is a large, overlooked space in which the Tank Utility team can bring about major change,” said Harris Brody, a partner at Blue Fog. “The company’s approach to improving operating efficiency and cutting costs for fuel deliverers while at the same time increasing customer satisfaction is a win-win-win scenario. Marry this with a great consumer value-proposition and the team’s depth in leading-edge energy monitoring technology and you have all the ingredients to capture a commanding position in this market.”
“More than 30% of households in the Midwest rely on propane for heat, and Tank Utility’s solution brings a new level of visibility to energy consumers and their suppliers,” said Sara Hochman, managing director of Energy Foundry. Energy Foundry’s participation and presence in Chicago will help the Tank Utility team expand further into the Midwest market, according to the statement, which identified the Midwest as the largest propane-consuming region in the U.S.
The funding also marks the beginning of a strategic partnership with Generac, a provider of residential backup generators. “Tank Utility’s fuel level monitoring services are a perfect fit for our customers,” said Aaron Jagdfeld, CEO of Generac. “With accurate visibility into exactly how much propane is left and the ability to notify fuel distributors before the generator runs out, we can be even more proactive in helping our customers make sure the lights stay on.”
The Tank Utility service is easy to set up and use while the hardware is rugged and reliable. Home or business owners can purchase a propane tank level monitor from the Tank Utility website and use the associated Android or iOS apps to connect it to the internet, set alerts for when fuel levels get low, and track daily usage. Fuel delivery companies that provide fuel to thousands of tanks can also take advantage of Tank Utility’s cloud-based portfolio management software to more effectively manage tank levels and engagement across all their customers.
Tank Utility’s offerings include internet-connected tank level monitors, cloud-based software, and mobile apps that streamline delivery logistics and improve customer service.