Powerhouse
Dynamics announced that it has raised $6 million in Series B
funding. The round was led by Point Judith Capital and Constellation
Technology Ventures (CTV). Existing investors, including SOSVentures and
Vision Ridge Capital, also participated. The funding will be used to
help ramp sales and accelerate the execution of the company’s
comprehensive product roadmap.
Powerhouse Dynamics is the developer of the award-winning SiteSage™ enterprise
energy and asset management system, designed for multi-site operators of
small commercial facilities, such as restaurant, convenience store, and
specialty retail chains. SiteSage customers include 6 of the 20 largest
global quick service restaurant chains.
Zaid Ashai, partner at Point Judith Capital, said: “We have been very
impressed with Powerhouse Dynamics’s approach to leveraging the
“Internet of Things” to deliver energy management systems to a market
that has historically been underserved and hard to reach with a
cost-effective solution.”
Michael Smith, Constellation vice president and head of Constellation
Technology Ventures, added: “Multi-site facilities face unique
challenges when it comes to managing their energy use. 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.”
Constellation Technology Ventures is the venture capital arm of Exelon
Corporation. CTV actively invests in early stage companies across the
energy technology space with an eye toward commercializing new
technologies across the Exelon platform.
SiteSage, formerly known as the eMonitor, is an enterprise-level energy
and asset management system that allows customers to centrally control
HVAC and other electrical loads with a highly intuitive web interface
and mobile apps. It remotely monitors equipment and leverages patented
analytics to diagnose performance issues and identify savings
opportunities. SiteSage makes it simple to benchmark energy usage and
equipment performance across facilities, allowing multi-location
companies to identify and share best practices. The system was designed
specifically for smaller facilities so, despite its sophistication, it
features low cost, easy installation, simple operation, and minimum
imposition on staff time.
“Adding investors of the caliber of Point Judith Capital and
Constellation Technology Ventures is a great testament to what we have
been able to accomplish in the market, and further evidence of the
growing awareness of the importance of managing energy at smaller
facilities,” said Martin Flusberg, Powerhouse Dynamics CEO. “Both of
these companies will play integral roles in helping us drive the company
forward. The funding will enable us to leverage the terrific momentum we
have been experiencing, allowing us to scale much more quickly.”
About Powerhouse Dynamics
Powerhouse Dynamics is a privately
held technology firm focused on using cloud-based controls and analytics
to deliver energy and operational efficiencies to its customers.
Thousands of locations, including restaurants, convenience stores,
retailers, and others, use the SiteSage platform (formerly known
as the eMonitor) to save money by centralizing control, analysis, and
management of energy-consuming equipment. Engineered specifically for
smaller facilities, SiteSage features powerful analytics delivered via
simple online and mobile interfaces. The system continuously improves
efficiency by controlling major loads, monitoring power consumption and
performance of individual pieces of equipment, and tracking gas and
water usage. Advanced analytics deliver actionable intelligence via
diagnostics and alerts, and SiteSage’s enterprise-wide benchmarking
helps identify stars and underperforming assets. To learn more about how
Powerhouse Dynamics’ customers maximize energy and equipment maintenance
savings with minimal staff effort, visit www.powerhousedynamics.com.
About Point Judith Capital
Point
Judith Capital is a leading early stage venture capital firm based
in Boston, Massachusetts. The firm focuses on investments in software
and technology-enabled service companies. They have constructed the firm
and their team around the strategy of building market leading companies
with innovative founders and serial entrepreneurs. By taking an active
approach to investing, the firm strives to build collaborative
relationships with portfolio company management. The firm and its
partners have backed market leading companies such as Nest (acquired by
Google), Fidelis Security Systems (acquired by General
Dynamics), Nexamp, and GetWellNetwork (acquired by Welsh, Carson,
Anderson & Stowe).
About Constellation
The Constellation family of retail
electricity and natural gas suppliers (www.constellation.com)
are subsidiaries of Exelon Corp. and are leading competitive retail
suppliers of power, natural gas and energy products and services for
homes and businesses across the continental United
States. Constellation’s retail businesses serve more than 100,000
business and public sector customers, including more than two-thirds of
the Fortune 100, and nearly one million residential customers.
Exelon Corporation (NYSE: EXC) is the nation’s leading competitive
energy provider, with 2013 revenues of approximately $24.9 billion.
Headquartered in Chicago, Exelon has operations and business activities
in 47 states, the District of Columbia and Canada. Exelon is one of the
largest competitive U.S. power generators, with approximately 35,000
megawatts of owned capacity comprising one of the nation’s cleanest and
lowest-cost power generation fleets. Exelon’s utilities deliver
electricity and natural gas to more than 6.6 million customers in
central Maryland (BGE), northern Illinois (ComEd) and southeastern
Pennsylvania (PECO).
Copyright Business Wire 2014