US-based Powerhouse Dynamics, a company that uses cloud-based analytics to offer customers greater energy efficiency, has closed a $6m series B round supported by Constellation Technology Ventures, the venture capital arm of energy provider Exelon.
Venture capital firm Point Judith Capital and Vision Ridge Capital also featured in the round, along with SOSVentures, which invested in Powerhouse’s $3m series A round in November 2011.
“Multi-site facilities face unique challenges when it comes to managing their energy use,” said Michael Smith, head of Constellation Technology Ventures. “Powerhouse Dynamics offers users an enterprise-level solution without incurring a large, upfront capital expense.
“We’re pleased with the initial response from customers and see significant potential for continued market growth.”
Powerhouse Dynamics is the creator of SiteSage, a product that allows users to control heating, air conditioning systems and other smart electrical systems from the web and mobile devices, and to access reports on potential energy savings.
The company plans to use the funding to increase sales and to move forward with its product roadmap.