Utilidata, Inc., a Providence, RI-based supplier of voltage optimization and digital automation systems for the electric utility industry, secured more than $20m in Series B financing.
The round was led by Formation 8 Partners and Saudi Aramco Energy Ventures with participation from existing investors Braemar Energy Ventures and American Electric Power. In conjunction with the funding, Formation 8 founder Jim Kim, will join Utilidata’s board of directors.
The company intends to use the funds to to bring new innovation to market, and further expands its presence in North America, Asia and the Middle East.
Led by Scott DePasquale, Chairman and CEO, Utilidata provides AdaptiVolt™ Volt/VAR Optimization (VVO) Solution which allows utilities and large energy users to optimize energy efficiency and create reliable energy savings.