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EnTouch Controls, a US-based provider of energy management systems for restaurant and retail chains, has raised a total of $8.3m in series B equity and debt financing led by growth equity fund SJF Ventures and including new investor, US-based energy company NRG Energy and the company’s initial investor, venture capital firm Trailblazer Capital; the round includes an expanded debt facility from Comerica Bank’s Technology and Life Sciences Division.
The new funding will be used to expand the company’s energy management service offerings, accelerate development of energy analytics and load curtailment tools, and add to its sales and support staff.
Greg Fasullo, chief executive officer of EnTouch Controls, said: “We’re incredibly pleased with this round of funding as it validates the company’s business model and direction while allowing us to accelerate our investments into the analytics and tools that automate energy reduction and lower operating costs for our customers.”
David Kirkpatrick, SJF managing director, said: “EnTouch’s system takes advantage of new wireless and machine-to-machine (M2M) technology to deliver immediate energy savings and ROI while providing enterprise-level analytics and controls for managers of hundreds of stores.”
EnTouch Controls points to estimates from the U.S. Small Business Administration, that lowering energy costs by 10% is equivalent to increasing sales per square foot by $25 for retailers and $17 for restaurants, “but most restaurant and retail chains lack the people, process or tools to do this themselves”.