Nexant, a San Francisco-based provider of intelligent grid software and clean energy solutions, announced today that Oak Investment Partners and Intel Capital, along with existing investors TeleSoft and Beacon, have invested $43 million in new capital to fund the company’s growth and expansion.
Nexant provides software and systems to meet a variety of needs in operating and improving the efficiency of the electric grid. Nexant also provides technical, operational, and strategic consulting services to utilities, and oil, gas, and chemical companies.
"The markets for energy efficiency, renewables, and carbon management worldwide—areas in which Nexant excels—represent an enormous opportunity which Nexant is exceptionally well-positioned to lead," said Arjun Gupta, Nexant Executive Chairman. "This new capital will enable us to develop and deploy our new platform, GridSmart®, and multiple new applications like TrakSmart for the next-generation power grid. In addition, we will strengthen and expand our Chemsystems offerings worldwide."
"Our clean energy investment strategy targets companies that deliver solutions designed to increase the overall efficiency of the energy market," explained Bandel Carano, Managing Partner of Oak Investment Partners. "We identified Nexant as a successful and profitable company that is ready to be taken to the next level. We recognize Nexant’s unique combination of software and services, together with its global customer base, have enormous potential to revolutionize key segments of the energy business. This funding provides additional resources for Nexant to accelerate development of its offerings and grow its market share significantly."
"In its first decade, Nexant has evolved into a recognized global leader in the energy and chemical industries, with thousands of successful deployments around the world," said Basem Sarandah, Nexant founder and President. "As we enter our second decade, we look forward to working with Oak, Intel, TeleSoft, and Beacon on the many new opportunities ahead."
"As global data center energy consumption soars, utilities are increasingly looking at technologies that could bring about big energy savings to relieve pressure on their grids,” said Steve Eichenlaub, Managing Director, Intel Capital. “Nexant's established presence in the energy software and services space has given the company a deep understanding of the many complex issues facing public and private sector participants in the energy industry. Intel Capital's investment, combined with collaboration with Intel, aims to further define and expand Nexant's data center efficiency offerings by pairing Nexant's established relationships in the utility sector with Intel's deep knowledge of datacenter technologies."