US data centre energy management software company Power Assure has announced that it has raised $13.5m from a new round of funding. ABB, already one of Power Assure’s strategic partners, led the investment – ABB is a power and automation technologies company. The financing will be used to expand Power Assure’s sales and marketing and also go towards technology developments.
The announcement came a couple of weeks after Power Assure announced an investment and development agreement with In-Q-Tel (IQT). In-Q-Tel is a not-for-profit investment firm that identifies technology solutions to support the missions of the US Intelligence Community. Power Assure hopes that the deal will accelerate its business in the federal government sector, which has always been a primary focus.
Power Assure’s star seems to be on the rise and it’s been quite a rapid ascent for a company founded in 2007 that only started delivering its software at the start of 2010. Power Assure has now raised a total of $28.75m plus a $5m matching-fund grant from the US Department of Energy.
The company has won a number of awards in recent months as well as making some other significant announcements. Among them was the news that NASA has standardised on its products across all of its 75+ data centres. The company also announced it’s PAR4 energy efficiency rating, jointly developed with Underwriters Laboratories (UL), which measures server power usage on a transaction per watt basis.
The primary focus of Power Assure’s software may be energy cost saving but that makes it no less a leading green ICT software supplier.