Viridity Software Announces $8 Million Series B Financing Round

BURLINGTON, Mass., Aug. 19 /PRNewswire/ -- Viridity Software, the leading provider of data center energy resource management (ERM) solutions, today announced that it has raised an additional $8 million in Series B funding from current investors Battery Ventures and North Bridge Venture Partners.  This follows-on a successful Series A funding round of $7 million.  The additional funding will be used to expand the development of the company’s EnergyCenter software platform, as well as greatly accelerate its go-to-market activities.  

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Viridity Software also highlighted additional recent important company milestones, further demonstrating the tremendous momentum the company is currently experiencing, including:

• Key Customer Accounts – Viridity’s list of customers across virtually every industry vertical continued its rapid growth - new key customers included LexisNexis, Highbridge Capital and F5 Networks.
• Bob Steinkrauss Joins Viridity as President and CEO – Bob Steinkrauss was named President and CEO, bringing with him a wealth of experience in leading early-to-mid stage companies to success - including dramatic organic growth, acquisition and IPO. 
• EnergyCenter Version 1.1 Release – the company delivered version 1.1 of its EnergyCenter software, featuring advanced discovery capabilities further automating the identification of IT assets and providing power profiles down to the device level.  
• Channel Expansion – Viridity entered into an agreement with the Excel Group of Canada – a group that develops, integrates and improves sustainable development in corporate strategies, products and business models.
• Named Red Herring North America 100 Award Winner – Viridity was recognized for its highly innovative EnergyCenter software technology, vision and drive.  

“Viridity’s EnergyCenter directly addresses our need for a tool to balance power, cooling and utilization in order to save money, enhance service levels and ensure data center sustainability,” said Marty Stephens, Director of Information Technology, LexisNexis.  “Moreover, it will help us to proactively prepare for the inevitable downstream regulation in this area.”

“Viridity has tapped into what we believe is a large, growing and prime market opportunity,” said Jamie Goldstein, Northbridge Venture Partners.  “That is, the need for business organizations to take control of the uncontrollable time and expense associated with managing data center power and cooling.”  

“We have been very impressed with the extraordinary progress Viridity Software has made to date,” said Sunil Dhaliwal, Battery Ventures.  “The additional funds underscore our unyielding confidence in the future of the energy resource management space, as well as Viridity’s ability to lead it from both a technology innovation and world-class customer service and support standpoint.”

“We are honored to have venture capital firms of Battery Ventures and North Bridge Venture Partners caliber as our investors and as members of our Board of Directors.  They are organizations that are synonymous with innovation, creating value and enormous success,” said Bob Steinkrauss, President and CEO, Viridity Software.  

About Viridity Software

Based in Burlington, MA, Viridity Software is the leader in energy resource management (ERM) solutions that enable data center smart grids.  Its EnergyCenter™ data center energy monitoring, measurement and management software provides customers with a cross functional solution for understanding the connection between physical infrastructure, IT equipment and applications.  Once these connections are fully understood, actionable strategies are provided so that customers can run more efficient, less expensive, highly optimized, eco-friendly, sustainable data centers.  For further information, please visit: www.viridity.com, call: 781-425-2060, or email: [email protected].

© 2010 Viridity Software, Inc.  Viridity Software and EnergyCenter are trademarks of Viridity Software, Inc.  All other brands and products names in this announcement may be trademarks or registered trademarks of their respective holder.

SOURCE Viridity Software