Power Assure Raises $13.5 Million
September 26th, 2011 By: Rich Miller
Data center energy management specialist Power Assure has closed a new round of funding, securing $13.5 million in Series B financing from an investor group led by strategic partner ABB and existing investors Draper Fisher Jurvetson, Good Energies, and Judith Point Capital.
The funding will be used to expand Power Assure’s sales and marketing operations and boost its investments in engineering, the company said.
Wurtz: Funding Brings Global Reach
“We are very pleased to have secured a new funding round led by our strategic partner ABB with reinvestments from our existing top-tier backers,” said Brad Wurtz, president and CEO of Power Assure. “This agreement deepens our partnership and brings Power Assure global reach and a well-established network of sales and support professionals with access to our target markets in the data center. This partnership and new financing will help us rapidly scale our business.”
Earlier this year Power Assure integrated its Energy Management software platform, version 4 (EM/4) with ABB’s automation and control software and devices. ABB also owns a controlling interest in Validus DC Power.
“The data center market continues to grow at 8 to 12 percent per year. However it is becoming constrained by the availability of power, especially in high density areas where space is a limitation,” said Tarak Mehta, Head of Low Voltage Products division at ABB. “Power Assure’s server optimization and energy management platform strongly positions the company with a market-leading offering to free up power so customers have additional processing capability. We are looking forward to deepening our strategic relationship with Power Assure through this investment.”
In conjunction with its investment, Andrew Tang, a managing director at ABB Technology Ventures, the company’s venture capital arm behind the investment, will join the Power Assure Board of Directors.
Power Assure is headquartered in Santa Clara, Calif. With this new round of equity financing, Power Assure has raised $28.75 million to date.ABB Technology Ventures, Draper Fisher Jurvetson, Good Energies, Point Judith Capital, and a grant from the Department of Energy.