Varentec, a US-based producer of distributed grid control technology, closed the $13m first tranche of its series C round, which was led by manufacturing conglomerate 3M’s 3M New Ventures subsidiary, on Friday.
Venture capital firm Khosla Ventures and Microsoft founder Bill Gates also took part in the round.
Varentec has created hardware devices that can control an electrical grid, as well as accompanying software that provides real-time voltage data and analytics. The technology enables energy companies to make their networks more efficient.
The money will support the international deployment and ongoing development of Varentec’s technology.
Varentec secured $11m in series B funding in June 2014, according to a regulatory filing, after Khosla had led a $7.7m series A round in 2012. The US Department of Energy had earlier awarded Varentec a $5m grant.
Guillaume Dufosse, chairman and CEO of Varentec, said:. “We are excited to include 3M as an investor and explore potential opportunities with 3M’s existing advanced technologies and global sales reach in the utility sector that could accelerate Varentec’s international expansion.”