3M has led a first close of a series C round that will fund grid control technology developer Varentec's international expansion.
Varentec, a US-based producer of distributed grid control technology, closed the $13m first tranche of its series C round, which was led by manufacturing conglomerate 3M’s 3M New Ventures subsidiary, on Friday.
Venture capital firm Khosla Ventures and Microsoft founder Bill Gates also took part in the round.
Varentec has created hardware devices that can control an electrical grid, as well as accompanying software that provides real-time voltage data and analytics. The technology enables energy companies to make their networks…
