From the Wires
OutSmart Receives New Funding for Innovative Energy Monitoring Technology
Company Develops Circuit-Level Products for Analyzing Electrical Use
By: Marketwire .
Dec. 5, 2012 07:00 AM
NATICK, MA -- (Marketwire) -- 12/05/12 -- OutSmart Power Systems, manufacturers of the first cost-effective solution for monitoring electrical usage at the circuit-level, today announced $1.5 million in new funding from private venture investors to support continued product development and commercialization efforts. "We are delighted to announce the closing of this investment round," said Kevin Johnson, CEO and Founder of OutSmart Power Systems. "We believe our technology fills an important gap in energy efficiency and this financing will allow us to grow our customer base, expand distribution through strategic partners and further enhance the OutSmart technology."
In energy management, much attention has been paid to front end reporting, control and analysis tools, but granular information on actual electrical use has been missing. OutSmart provides a complete system for low-cost energy monitoring that can be easily installed in any building using existing wiring, according to Johnson. Electrical data is collected at a hub and then sent to the cloud where it can be monitored and analyzed to evaluate specific equipment and facility performance. OutSmart products can be used to verify energy improvements, identify areas of waste, and help predict faulty or failing equipment, Johnson said.
"With OutSmart, we can separate conditioning load from server load, measure and verify energy reductions, and ensure the persistence of measures we've implemented," said Mike Skiotis, Senior Facility Manager at Progress Software Corporation (NASDAQ: PRGS), where the OutSmart system has been in operation since March 2012. "OutSmart has the potential to be a game-changer for how energy and equipment are managed in facilities."
With the latest round of funding, OutSmart has now raised over $9 million since its founding in 2008.
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