Budderfly, a Shelton, Conn.-based energy management platform provider, raised $55m in growth equity and project debt funding.
The round was led by Balance Point Capital with participation by Connecticut Innovations.
The company intends to use the funds scale customer project installations, accelerate go-to-market efforts and expand product growth.
Led by CEO Al Subbloie, Budderfly provides clients with a proprietary energy intelligence software platform, energy efficiency upgrades – such as LED lights, HVAC controls, variable frequency drives and refrigeration controls – that span more than 30 savings categories.
The solution creates networks of patented IoT devices that meter and report on all elements of energy use. Together, these optimize energy usage at the point of consumption within each facility across the enterprise.
With nearly 1,000 locations across North America contracted to date, the company has the scale and experience to serve all types of facilities from office buildings, retail stores and restaurants to schools, recreational buildings, health-care facilities and beyond.