US-based energy management system developer Evolution Networks raised $22.5m on Tuesday from IES Holding, a subsidiary of energy company Berkshire Hathaway Energy, and GE Ventures, a subsidiary of industrial conglomerate General Electric.
Evolution provides specialist software that can help mobile network operators analyse their networks’ traffic needs and automatically adjusts their energy use based on real-time demand from their customers.
Evolution will use the funding to expand into new markets and promote its technology to other industries such as data centre energy management.
Bill Fehrman, president of IES Holding, said: “This funding will be used to capitalize on this potential, boost the company’s growth worldwide and establish Evolution Networks products and technology as an industry standard.£
Jonathan Pulitzer, senior director of GE Ventures, added: “GE Ventures is investing in Evolution Networks because of this potential for savings and the positive impact on global energy consumption.”
Investment firm Breslau Capital Partners had previously proivided $4m in funding for Evolution, according to Israeli business daily Globes.