Optimitive, a Miñano (Álava), Spain-based provider of a real time energy saving service, raised €1.4m in funding.
The round was led by Luxembourg-based venture capital fund GGM Venture Capital, which made the investment though its sub-fund GGM High Growth IT Fund, with participation from SURGE Accelerator, where Optimitive graduated in May 2013.
The company intends to use the funds for marketing and sales, and expansion of technology and services.
Founded in 2008 as a spin-off from Tecnalia and led by Javier A. Garcia Sedano, Optimitive provides a real time energy saving software and services that allow large industrial companies to reduce energy or raw material input costs and to lower CO2 emissions. The platform continuously searches for savings potential and provides real-time adjustments to address the causes of the energy loss.