SANTA CLARA, Calif., Nov. 8, 2019 /PRNewswire/ -- Varentec, a pioneer in grid-edge intelligence and control, announced today a growth capital raise of $5 million led by WindSail Capital Group, a Boston-based investment firm focused on energy innovation and sustainability.
"With the strength and long-term commitment of WindSail Capital, we will accelerate adoption of our proven Grid Edge Control solution, which went live at scale with two leading utilities this year," declared Guillaume Dufossé, Chairman and CEO of Varentec. "Together with our customers, we will establish distributed intelligence as mainstream through utility-owned, decentralized control solutions."
"Varentec stood out for their relentless focus on their customers, which include major investor-owned electric utilities. We are pleased to invest our support as the industry recognizes Varentec's Grid Edge Control solution as a key building block in grid modernization," commented WindSail Capital's Managing Director, Michael Rand. "WindSail firmly believes in how Varentec empowers utilities to unlock untapped energy savings, reduce peak demand, and integrate distributed energy resources."
Varentec™ brings intelligence and dynamic control to the edge of the grid through its Edge of Network Grid Optimization (ENGO®) hardware and Grid Edge Management System (GEMS®) software. This unique Grid Edge Control solution augments standard grid modernization systems, enhances energy/demand savings, and boosts DER hosting capacity. Originally funded by Bill Gates, Khosla Ventures and 3M, Varentec is dedicated to delivering distributed intelligence through utility-owned, ubiquitous, and cybersecure hardware + software grid control solutions. For more information, please visit www.varentec.com.
About WindSail Capital Group
WindSail Capital Group is a Boston-based investment firm that provides growth capital to early-stage commercial businesses advancing energy innovation and sustainability. WindSail's unique approach offers companies flexible and creative capital solutions that meet their specific needs while facilitating growth and minimizing dilution. WindSail typically invests $2-10 million in each transaction. For more information, please visit www.windsailcapital.com.
SOURCE Varentec, Inc.