Home » Power Assure Secures $13.5 Million Funding Round Led by ABB
Power Assure, Inc.has announced that it has closed a new round of funding, securing $13.5 million in Series B financing. Strategic partner ABB led the round while existing investors Draper Fisher Jurvetson, Good Energies, and Judith Point Capital all participated.
“The data center market continues to grow at 8 to 12 percent per year. However it is becoming constrained by the availability of power, especially in high density areas where space is a limitation,” said Tarak Mehta, head of Low Voltage Products division at ABB. “Power Assure’s server optimization and energy management platform strongly positions the company with a market-leading offering to free up power so customers have additional processing capability. We are looking forward to deepening our strategic relationship with Power Assure through this investment.”
Power Assure’s strong support by the investment community comes after many significant milestones in the past six months. NASA has standardized on Power Assure across all of its more than 75 data centers; Power Assure has shipped its EM/4 energy management software; Power Assure announced PAR4, a new energy efficiency rating to accurately measure server power usage on a transaction per watt basis; Underwriters Laboratories (UL) and Power Assure jointly announced a new UL standard, UL2640, based on Power Assure’s PAR4 methodology; and Power Assure was recognized as a Gartner Cool Vendor in DCIM tools, Red Herring North America Top 100 company, Data Center Change and Innovation award winner, and GigaOm Structure 50 company.
The financing will be used to expand Power Assure’s sales and marketing for continued growth as the leader in data center infrastructure and energy management solutions. It will also be used to increase investments in engineering to further its technology advantage. In conjunction with its investment, Andrew Tang, a managing director at ABB Technology Ventures, the company's venture capital arm behind the investment, will join the Power Assure Board of Directors.
“We are very pleased to have secured a new funding round led by our strategic partner ABB with reinvestments from our existing top-tier backers,” said Brad Wurtz, president and CEO of Power Assure. “Earlier this year we integrated our EM/4 software with ABB’s automation and control software and devices. This agreement deepens our partnership and brings Power Assure global reach and a well-established network of sales and support professionals with access to our target markets in the data center. This partnership and new financing will help us rapidly scale our business.”
With this new round of equity financing, Power Assure has raised $28.75 million to date. In addition, the company has a $5 million match-funding grant from the U.S. Department of Energy.