Hara Software, a US-based provider of environmental and energy management software, has raised $25m in its series C round with participation from Energy Technology Ventures (ETV), a $300m corporate venturing fund set up earlier this year with backing from industrial conglomerate GE, utility NRG Energy and oil major ConocoPhillips.
Alongside ETV in the round was Itochu Technology Ventures, the corporate venturing unit of Japan-based conglomerate Itochu, and venture capital firms Focus ventures, Kleiner Perkins Caufield & Byers (KPCB), Jafco Ventures, Nth Power and Navitas Capital. KPCB managing partner Ray Lane joins Hara’s board as chairman after the round which has taken the portfolio company’s funding to $45m, including $14m in its B round in September 2009.
Hara said its strategic investors would help its growth plans across industries, including manufacturing, utilities and oil and gas. Ricardo Angel, a GE Energy Financial Services venture capital executive also representing Energy Technology Ventures, said: "Hara’s energy and environmental management solution presents opportunities for collaboration across GE, NRG Energy and ConocoPhillips."
Hara was a winner of the GE Ecomagination Challenge’s "Powering the Grid" programme.