Power grid software provider Blue Pillar gets a jolt of money
Blue Pillar wants you to get the most out of your power grid. The company raised $7 million Tuesday for its electrical grid software that manages power usage for large corporate campuses, hospitals, and other electricity sucking facilities.
The company helps manage energy consumption, connecting all different types and ages of equipment together. Companies can monitor energy usages and adjust their practices accordingly. The funding round, led by Claremont Creek Ventures, Arsenal Venture Partners, Allos Ventures, OnPoint Technologies, will be used to expand Blue Pillar’s market to hospitals, military bases, and college campuses. The full press release is below.
Blue Pillar, Inc. Completes Series B Financing, Accelerates Deployments of Digital Energy Networks to New Markets
INDIANAPOLIS, IN, May 01, 2012 (MARKETWIRE via COMTEX) — Blue Pillar, Inc., the leading distributed energy asset management software and systems company, today announced the close of a $7 million Series B equity financing round. Participants include Claremont Creek Ventures, Arsenal Venture Partners, Allos Ventures, OnPoint Technologies (U.S. Army’s venture capital fund) and several existing investors.
The funding will allow Blue Pillar to accelerate the deployment of its Actionable Microgrid software product portfolio and meet growing demand from critical power customers in the healthcare, telecom/data, military, education and manufacturing sectors. Current customers, including Tenet Healthcare and Duke University Health System, have standardized on Blue Pillar’s packaged software and automation solutions to secure, manage and dispatch energy assets to protect essential operations and unlock value from participation in energy market programs.
“Blue Pillar is thrilled to gain the strategic expertise of this complementary group of investors to build upon our commercial track record,” commented Blue Pillar CEO Kevin Kushman. “Our software products provide unparalleled asset security, efficiency, visibility and return to commercial, industrial and institutional owners of on-site energy resources — ultimately the most valuable segment of the Smart Grid.” Blue Pillar will leverage the funding to expand its product development, support and sales teams to address the increasing market demand for a scalable, critical power asset management platform for complex campuses or multi-site asset owners in the U.S. and abroad.
“We see tremendous opportunities for analytics and controls software that enables intelligence at the edge of the grid. Blue Pillar has already built an impressive business serving dozens of customers nationwide that want to improve management of their critical infrastructure and enable coordination with the grid,” said Paul Straub, Director of Claremont Creek Ventures.
“Allos Ventures is pleased to participate in the Blue Pillar financing round, which provides Kevin and his team with the capital and resources necessary to accelerate Blue Pillar’s growth and maintain its position as the leading provider of distributed energy asset management solutions. Blue Pillar is a great example of the many high-potential technology companies located in the Midwest,” said John McIlwraith, Managing Director of Allos Ventures.
As a result of this investment round, Paul Straub (Claremont Creek), Jason Rottenberg (Arsenal) and John McIlwraith (Allos) will join Blue Pillar’s Board of Directors.
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