Playing off of California’s power shortage, energy procurement software provider Enermetrix, is expected to announce today that it recently secured $35.5 million in its fourth round of venture capital financing. The deal was co-led by Cinergy Ventures and Alliant Energy Industrial Services.
Additional investors included GE Capital, Bank of America, InSight Capital Partners and DQE Enterprises Inc.
“Our strategy in this particular round was to target strategic investors who would not only buy stock but would be capable of and prepared to support and deploy our software into their markets,” said Bill Patterson, chief financial officer with Enermetrix.
Founded in 1995, Enermetrix provides e-commerce solutions to business affected by deregulation, supplying software that automates the procurement of energy. Patterson also noted that deregulation causes businesses to consume energy by turning its attention to how energy is used and paid for.
“The software efficiently organizes the information about how a business uses energy.” he explained. “We deploy databases and software applications that organizes businesses energy consumption information in a manner that allows the information to be available to suppliers in the market place.”
Answering the call of exasperated California companies, Enermetrix has recently recruited large communities of suppliers that use its network, thus procuring the best commodity prices for its clients.
In related news, Enermetrix competitor Lodestar Corp. will announce its own VC success today: a $29 million investment from OCM/GFI Power Opportunities Fund LP.
Shannon Jarrell can be contacted at Story Feedback.