Powerit Solutions, a 10-year-old Seattle company that helps large industrial customers reduce energy costs, has raised $2.5 million that it will use to embed its software in the industrial automation, utility, and smart grid infrastructure. The cash infusion also will help the company expand in Europe, and launch its Spara cloud platform next year.
Powerit Solutions completed a $5.5 million Series C growth financing round. The round includes an initial $3 million in April of this year and an additional $2.5 million investment that closed in late November.
The investment will support Powerit’s ongoing work with strategic partners to integrate its product, Spara EMS, into the industrial automation, utility, and smart grid infrastructure. It will also fund the completion of a cloud platform launching in 2013. It will also allow Powerit to expand its reach in the European market. Four institutional investors from previous rounds participated, with Black Coral Capital leading as it did in the Series B round.
“Our investors are excited about Powerit’s expansion of strategic partnerships as well as the upcoming launch of Spara into the cloud,” says Kevin Klustner, Powerit CEO. “We are pioneers in our field, and our hundreds of existing installations and active collaborations with utilities, OEMs, and system integrators are enabling us to help industrial facilities worldwide effortlessly control energy use for savings and sustainability.”
Source: John Cook, Geekwire, December 4, 2012.