Private equity fund Black Coral Capital has led a $5.5m Series C round, which includes a $3m initial raise in April, into Powerit Solutions, a manufacturer of energy demand management technology for industrial customers backed by funds of Germany-based industrial conglomerate Siemens and steel company ArcelorMittal’
Powerit will use the new funds to pursue partnerships, expand sales to Europe, and launch a cloud-based version of its Spara EMS technology in 2013.
Powerit raised $5m in March last year from a consortium including Germany-based conglomerate Siemens’s corporate venturing unit Siemens Venture Capital, steel company ArcelorMittal’s Clean Technology Fund, and venture capital firms @Ventures and Expansion Capital Partners. Powerit also raised raised $6m in June 2009 and $7.1m in May 2007.