Varentec Closes $7.7M Series A Funding
Green technology company Varentec recently closed a $7.7m Series A funding.
The round was led by Khosla Ventures.
Industry veteran Dr. Deepak Divan will lead Varentec as President and CTO.
The company, which develops electric grid and power electronics products, also received a $5M Department of Energy ARPA-E grant to demonstrate “power routers” that can dynamically control power flows on the electric grid, to enable higher levels of green energy integration while reducing the build-out of new grid infrastructure.
Partner organizations in the initiative include Electric Power Research Institute, Waukesha/SPX, and the NEETRAC center at the Georgia Institute of Technology.