US-based grid control technology developer Varentec closed a series C round featuring diversified goods manufacturer 3M Ventures, the corporate venturing vehicle of 3M, on Wednesday.
Varentec did not disclose the size of the round, which included Bill Gates and Khosla Ventures, but it reached a $13m first close in November 2015 and a regulatory filing at the time indicated the company was targeting $20m for a final close.
Founded in 2002, Varentec produces grid control devices and software that manage voltage and reactive power levels meaning energy can be controlled more efficiently in distributed grids that rely on renewable energy, including at times of peak demand.
Varentec will use the series C funds to further develop its products, grow sales in the US and expand internationally. It has piloted its technology with utilities and is preparing to roll it out commercially.
The company closed a $7.7m series A round backed by venture firm Khosla in 2011, adding $11.1m in a 2014 series B round, according to a regulatory filings. It also received $7.2m in grant funding from the US government.