US-based smart circuit breaker developer Atom Power has secured $17.8m in a series B round that included manufacturing technology producer Rockwell Automation and power and automation equipment producer ABB.
Investment firm Valor Equity Partners and hedge fund Atreides Management also participated in the round, while ABB invested through corporate venturing unit ABB Technology Ventures. The company said its total funding now stands at $23m.
Atom has created a digital circuit breaker equipped with software that can connect an unlimited number of power sources at a central point and manage the power flow by switching between them when required.
The technology is intended to be used in electric vehicle charging infrastructure, renewable energy management and the management of energy use within buildings.
Ryan Kennedy, Atom’s CEO, said: “We need technology that gives us digital control over when and how we use power. “Last year, we made huge strides when we introduced the first solid-state circuit breaker to market, and we are thrilled to continue building a future where energy is faster, safer and more reliable than ever.”
The round comes after industrial technology manufacturer Siemens led Atom’s $3m series A round in 2017 through its Next47 subsidiary, investing alongside ABB Technology Ventures and, according to Charlotte Business Journal, power management technology producer Eaton Corporation.
