Powerit Solutions, a 10-year-old Seattle company that helps large industrial customers reduce energy costs, has raised $2.5 million in fresh funding that it will use to embed its software in the industrial automation, utility, and smart grid infrastructure. The cash infusion also will help the company expand in Europe, and launch its Spara cloud platform next year.
Black Coral Capital led the deal, with existing institutional investors also participating. Total funding in the 51-person company now stands at about $23 million.
Powerit’s customers include Frito Lay, Ikea, Dannon, Pacific Steel Castings and others, with some of them reporting energy savings of as much as 33 percent in 18 months. The total series C financing round stands at $5.5 million, with $3 million previously announced in April and another $2.5 million arriving last month.
The 10-year-old company is led by Kevin Klustner, with the CEO noting that Powerit now manages about 571 megawatts of electrical load in North America.
“We are pioneers in our field, and our hundreds of existing installations and active collaborations with utilities, OEMs, and system integrators are enabling us to help industrial facilities worldwide effortlessly control energy use for savings and sustainability,” said Klustner, the former CEO of Verdiem and COO at WRQ.
Added Rob Day of Black Coral:
“Powerit is uniquely positioned in the industrial automation market as the last mile linking facilities to the smart grid, so they can tap into savings and ever-more sophisticated demand management strategies. And potential energy savings in the industrial market are still largely untapped. Spara is on track to be a key technology in this huge sector as energy prices continue to rise.”