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Viridity Software Raises $8 Million in Series B Funding

Viridity Software, a Burlington, Massachusetts-based company that provides software to increase the energy efficiency and productivity of data centers, announced last week that it raised $8 million in Series B funding from current investors Battery Ventures and North Bridge Venture Partners.  Viridity previously raised $7 million in a series A round. 

The company said that it will use the funds to expand the development of its software platform (called EnergyCenter) and accelerate its go-to-market activities.  The following video provides an overview of Viridity's EnergyCenter:

“Viridity has tapped into what we believe is a large, growing and prime market opportunity,” said Jamie Goldstein, North Bridge Venture Partners.  “That is, the need for business organizations to take control of the uncontrollable time and expense associated with managing data center power and cooling.”

“We have been very impressed with the extraordinary progress Viridity Software has made to date,” said Sunil Dhaliwal, Battery Ventures.  “The additional funds underscore our unyielding confidence in the future of the energy resource management space, as well as Viridity’s ability to lead it from both a technology innovation and world-class customer service and support standpoint.”

“We are honored to have venture capital firms of Battery Ventures and North Bridge Venture Partners caliber as our investors and as members of our Board of Directors.  They are organizations that are synonymous with innovation, creating value and enormous success,” said Bob Steinkrauss, President and CEO, Viridity Software.

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EcoFactor Completes $5.9 Million Series A Financing

EcoFactor

Earlier this week EcoFactor, a San Carlos, California-based company that provides personalized solutions for managing residential energy use, announced that it completed its $5.9 Million Series A round of venture financing.  Specifically, the company announced that it obtained $3.5 million in financing led by RockPort Capital Partners. This investment follows $2.4 million in financing led by Claremont Creek Ventures in December 2009. Claremont Creek Ventures increased its investment in EcoFactor as part of the second closing.

The company, which was founded in 2006 and won the grand prize in the 2009 Cleantech Open, said that it will use its Series A funds to support the commercial deployments of its residential energy management service.  EcoFactor's software-as-a-service (SaaS)-based solution works with a two-way communicating thermostat and a broadband Internet connection to develop a dynamic, customized heating and cooling strategy that, according to the company, can save homeowners an average of 20-30 percent on their HVAC energy expenditures. In addition to consumer savings, EcoFactor states that its solution offers cost-effective and self-validating energy efficiency, demand response and load forecasting to utilities and energy retailers.

"RockPort has been actively evaluating energy management and smart grid companies for more than five years, but we hadn't found a team which had solved the puzzle," said Abe Yokell, Principal at RockPort Capital Partners, a leading clean tech investor. "EcoFactor's solution delivers tremendous consumer value at low cost while providing opportunities for channel partners to tap into lucrative new income streams. We think EcoFactor will revolutionize residential and small commercial energy management."

"EcoFactor has always focused on saving homeowners hundreds of dollars a year, automatically, without sacrificing comfort, control or convenience. We've spent years developing personalized, active energy management that drives both consumer adoption and smart grid effectiveness," said John Steinberg, EcoFactor CEO. "The fact that we actually raised more than we were originally seeking, and were able to bring on clean tech leaders like RockPort and Claremont Creek, really validates that approach."

"Claremont Creek Ventures is absolutely confident in our support of EcoFactor. Having another leading clean tech VC firm like RockPort come to the same conclusion — that EcoFactor is well ahead of the rest when it comes to offering a complete energy efficiency solution for consumers — only further validates that decision," said Nat Goldhaber, Managing Director, Claremont Creek Ventures.

For more information:

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Astia and SDForum to Present Panel “Energy Efficiency” on May 20 (2008 Clean Tech Breakfast Series)

On May 20, Astia and  SDForum will present the second program in the 2008 Clean Tech Breakfast Series.  This program is entitled "Energy Efficiency" and will feature a panel that will provide insights into the challenges and opportunities in energy efficiency-related sectors such as wireless control system technologies, LED lighting, and smart grid systems.

The panelists for this event are:

This program will be held from 8:00 am – 10:00 am at Nixon Peabody, One Embarcadero Center, Suite 1800, San Francisco, CA 94111

The cost for SDForum members is $25 and $30 for non-members.  Further program information and registration can be found here. 

The schedule for future programs in the 2008 Clean Tech Breakfast Series is:

For more information:

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SDForum to Present “Opportunities for Startups in Green IT” on May 1 (Green and Clean Evening Series)

SDForum

On Thursday, May 1, SDForum will present the second program in its "Green and Clean" evening series.  This event is entitled "Opportunities for Startups in Green IT" and will highlight how start-ups are providing solutions and technologies to the infrastructure challenges faced by organizations, such as energy efficiency, cooling of data centers, and many others.  Panelists (listed below) will share insights from the entrepreneur and venture investor perspectives:

  • Chris Beekhuis – President and Chief Technology Officer, Fat Spaniel
  • Andy Leventhal – CEO and Co-founder, EcoSynergy
  • Mitchell Zuklie – Partner, Orrick (moderator)

This program will be held from 6:00 pm – 8:30 pm at Orrick, 1000 Marsh Road, Menlo Park, CA 94025.  The cost for SDForum members is $20 and $30 for non-members.  For more information:

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2008 California Clean Tech Open Launched; More than $600,000 in Prizes to be Awarded to Entrepreneurs

California Clean Tech Open

On April 2nd, the 3rd annual California Clean Tech Open was officially announced.  The California Clean Tech Open is a business plan competition for early-stage clean technology startups who plan to locate their operations in California. 

There are six categories in the competition:

The winning team in each category will receive a prize package valued at more than $100,000, consisting of:

  • Cash prize of $50,000
  • Office space for one year
  • Legal services
  • Recruiting services
  • Accounting services
  • Public relations services
  • Insurance services
  • Marketing services

In addition to prizes for the winning teams, up to 60 finalist teams will receive a variety of services including mentoring and training.  All competition entrants are able to attend a number of events including an Executive Summary workshop.

The California Clean Tech Open will also be holding a launch event on Wednesday, April 9th, from 4:00 PM to 7:30 PM, at the San Jose City Hall Rotunda.  The event will be hosted by San Jose Mayor Chuck Reed and guests will include previous competition winners and participants, venture capitalists, competition sponsors and partners, state and local government officials, and cleantech entrepreneurs. There is no cost to attend the launch event, but you need to RSVP.

Update: A technology and entrepreneur matching event will take place on May 1.

For more information:

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Luminus Devices Closes $72 Million Round of VC Funding

Luminus Devices logo

Luminus Devices, Inc. a Billerica, Massachusetts-based company that develops and manufactures high-performance solid state light sources, announced on Monday that it has closed a $72 million round of venture capital financing.  This round was led by Braemar Energy Ventures.  Other participants in this round included CMEA Ventures, Paladin Capital Group, and Luminus’ previous investors, which include Battery Venture Partners, Argonaut Private Equity, Stata Venture Partners, Draper Fisher Jurvetson, DFJ-New England and Eastward Capital.

Luminus Devices’ patented PhlatLight technology (Photonic Lattice Light), based on research from MIT, is a new type of solid state light source that combines the benefits of both LED and laser technology.  The company states that among the benefits of its PhlatLight technology are environmental benefits such as reduced power consumption needs as compared to other lighting sources.  This is illustrated in the following chart of power needs for lighting projection televisions (PTV): 

Luminus Devices chart

In its funding announcement, the company stated that this funding highlights the strategic shift it is undertaking to offer its technology to a broader set of markets than the TV and display industry it has previously served. According to Udi Meirav, CEO of Luminus Devices:

It’s a big vote of confidence in our company and in the future of solid-state lighting, and we are thrilled to have such strong backing from Braemar, CMEA, Paladin, and our other new investors, as well as the continued support of our earlier investors.  This investment enables a new phase in the growth of our company, and it will provide us with the resources to expand our product line, serve new markets and deliver the full value of our technology to our growing roster of customers.

For more information:

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Albeo Technologies Closes $1.5 Million in Initial Round of VC Funding

Albeo Technologies, Inc. a Boulder, Colorado-based company, today announced that it has closed a $1.5 million round of venture capital financing.  This round was led by Green Spark Ventures, a new Denver-based cleantech venture capital fund.

The company, which produces solid-state lighting products based on white light emitting diodes (LED) for commercial and industrial enterprises, stated that the funds will be used for market and product expansion.  According to Dave Ryan, managing director for Green Spark Ventures:

There is a pent-up demand for low-maintenance, high-efficiency lighting systems that reduce corporate operational costs. Albeo’s superior products meet that need and the company is seeing broad customer confirmation that they have hit the mark.  We are delighted to invest in a company that is reducing operational costs and the carbon footprint of global industry. Albeo’s solid state lighting fixtures offer cost-effective real-world solutions to the environmental problems we face today.

For more information: