PROVIDENCE – Local startup Alektrona was awarded $250,000 in seed-stage funding from the Slater Technology Fund on Wednesday, bringing total first-round funding to $510,000 for the energy management firm.
The smart grid startup’s enhanced connectivity solutions are designed to help to simplify energy metering, management, pricing and efficiency applications. Alektrona provides its hardware and software energy management products to utilities, municipalities and other providers of energy services.
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“Alektrona’s products and systems address daunting challenges utilities have in bringing energy management services to their customers,” said Christopher Leidigh, co-founder and president of Alektrona. “Reliable and secure networking is the cornerstone to our approach.”
Alektrona represents the first investment in the energy and environmental sector for the Slater Technology Fund, a state-backed venture capital fund.
“Our investment in Alektrona represents the culmination of a two-year deep dive into the seed stage energy space, and we have been fortunate to have drawn on the expertise of dozens of individuals,” said Thorne Sparkman, managing director of the Slater Technology Fund and newly elected member of the Alektrona board.
“The market opportunity is what is new here. But with the talent and resources we see energy problems attracting, we expect this to be the first of many teams the Slater Fund partners with here in Rhode Island,” Thorne continued.
James Higgins, vice president of Alektrona, and Leidigh – both formerly of American Power Conversion Corp.’s embedded communications business unit – co-founded Alektrona in 2006. The four-person company is headquartered in Providence, and has plans to hire two more people in the next year.
Leidigh said, “Jim and I are thrilled to be on the cutting edge of the modernization of the grid and to be doing it in Rhode Island with the backing of the Slater Technology Fund.”
Alektrona received additional funding from other investors, including Gene Zimon, former chief information officer of Massachusetts utility NSTAR and current board member for Alektrona.
Additional information is available at www.alektrona.com.
