Power Assure Raises $1M from Dominion Energy Technologies

Power Assure, a Santa Clara, CA-based data center energy management solutions provider, has received a $1m investment from Dominion Energy Technologies, Inc., an affiliate of Dominion Resources, a large producer and transporter of energy.

The investment will be combined with other series B financing (read below) to expand Power Assure’s sales and marketing initiatives and to increase engineering investments in the area of smart-grid integration for data centers.

Dominion Energy Technologies joined ABB Technology Ventures, Good Energies, Point Judith Capital, and Draper Fisher Jurvetson as investors in the company.

Power Assure is a developer of Data Center Energy Management software for large enterprises, government agencies, and managed service providers. Its solutions are designed to provide visibility, analytics and automation to help CIOs, IT directors, and facilities managers optimize capacity, service levels, and power consumption within and across data centers.

Commenting on the deal, Brad Wurtz, the company’s president and CEO said: “In order to help our customers connect to the smart grid and take advantage of the many revenue-generating services offered by the Independent System Operator’s (ISO’s), we have found a partner who can bring the skills and resources needed to execute quickly”.

With this investment, the company has raised $14.5m in its series B financing, bringing total funds raised to $29.75m. The company has raised external financing as follows:
26/09/2011: Power Assure Closes $13.5M Series B Funding
07/09/2011: Power Assure Receives Strategic Investment from In-Q-Tel
20/09/2010: Power Assure Receives $1.5M Investment from ABB
14/07/2010: Power Assure Raises Additional $11.25m in Funding



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