By Kimberley Donoghue PBN Web Editor Twitter: @ kdonog
PROVIDENCE ‚Äď UtiliData Inc., a Spokane, Wash.-based company which was recently approved by the R.I. Economic Development Corporation for a $500,000 loan to relocate to the state, said it closed a financing round with Braemar Energy Ventures.
Braemar is now the majority owner of the company; it did not hold a stake in the company before.
A spokeswoman for the venture capital firm declined to disclose how much the latest financing round was for and also declined to say how much of a stake Braemar now holds in UtiliData.
Utilidata‚Äôs technology ‚Äď dubbed AdaptiVolt Volt/VAR Optimization product ‚Äď optimizes the delivery of electricity by applying advanced signal processing through the electric grid.
Braemar Energy Ventures partner Scott DePasquale became chairman of UtiliData‚Äôs board of directors, a news release said Feb. 13.
‚ÄúThe market has been telling us it needs smart grid solutions that are lower cost, less disruptive, and more economic while still accomplishing the objectives of reducing loses and strengthening the reliability of the aging infrastructure. UtiliData's platform allows for just that, with significant efficiency gains over traditional voltage optimization that make the business case much more impactful to the consumer, utility and regulator,‚ÄĚ said DePasquale.