US-based Power Assure raised $13.5m in series B funding on Monday from investors including power and automation corporation ABB, venture capital firms Draper Fisher Jurvetson (DFJ) and Judith Point Capital, and investment firm Good Energies backed by the Brenninkmeijer family. ABB invested $1.5m in Power Assure in September 2010, bringing Power Assure’s series A round to $15.3m. DFJ, Judith Point and Good Energies all previously invested in Power Assure as part of the round. Power Assure develops software centred around data infrastructure and energy management, and plans to invest the capital in expanding its sales and marketing departments, as well as in engineering to further research. Tarak Mehta, head of ABB’s low voltage products division, said: "The data center market continues to grow at 8% to 12% per year. However it is becoming constrained by the availability of power, especially in high density areas where space is a limitation. Power Assure’s server optimisation 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."
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Power Assure satisfied by ABB’s interest
Sep 28, 2011 • Robert Lavine
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