By Kimberley Donoghue PBN Web Editor Twitter: @kdonog
PROVIDENCE – The state-backed Slater Technology Fund announced Wednesday that it gave Alektrona $200,000 in a second round of seed-stage funding.
Slater has now invested $450,000 in the smart grid company, whose energy management platform is now in the beta phase. Other investors in the round included the city of Providence.
“Slater’s reinvestment in Alektrona is evidence of our belief that the networking of millions of energy nodes is a broad and unstoppable trend” said Thorne Sparkman, managing director of Slater.
“When Internet management and control technologies permeate the grid and our homes as fully as they have our desktops and telephones, the results will be transformational. Ours is a bet that this team - who cut its teeth embedding technology in the computer peripherals at American Power Conversion over the last 15 years - will repeat its success, and enable energy management techniques we haven’t even glimpsed yet. The Slater Fund is excited to be a part of it,” said Sparkman.
Alektrona was founded by Christopher Leidigh and James Higgins. The company networks energy devices and applications for the smart grid with an energy management platform for energy providers to residential, small commercial and multi-dwelling buildings.
The metering system monitors and controls energy devices – i.e., electricity meters, water meters and gas meters – to simplify how the grid interacts with them.
“Utilizing green wireless technology for the smart grid is a natural fit for our unique, open standards-based networking solution,” said Leidigh. “The evolution of the smart grid is only just beginning, and Alektrona is ideally suited to capitalize on the growth of the market and focus on energy efficiency in utilities and energy management. Working with the Slater Fund has provided an invaluable level of market understanding of the greentech sector.”