Powerit lands $6M to develop energy-saving software |
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Powerit lands $6M to develop energy-saving software
Seattle's Powerit Solutions has scored $6 million in new funding to speed development of its energy-saving software for commercial and industrial customers. The new funding came from Siemens Venture Capital and ArcelorMittal's Clean Technology Fund, along with existing investors @Ventures and Expansion Capital Partners.
"Two of the world's largest and most respected companies have recognized the impact our Spara technology can have on the way that commercial and industrial facility operators will address power and data management," said Powerit CEO Claes Olsson, in a statement. "We are also pleased that our existing investors, @Ventures and Expansion Capital, continue to be excited by Powerit's performance and market strength."
Powerit raised $7.1 million in funding led by @Ventures in May 2007 to build technology that plugs into lighting, air conditioning, and other systems to predict spikes in power usage.
Powerit is one of several local venture-backed companies focused on reducing energy consumption at corporations. Others are Verdiem and Optimum Energy.
Powerit says it has more than 2,500 customers worldwide. Clients include Paul Masson Winery, Benton Foundry, IKEA, Stockholm Airport, PCC, San Jose Mercury News, and Amy's Kitchen.
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John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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