Energy management company JouleX has received $17m in investment capital from new investors Sigma Partners, Flybridge Capital Partners and Intel Capital, in addition to existing investors Target Partners and TechOperators.
JouleX said it plans to use the capital to expand its development and sales footprint into growth markets around the world.
The company’s technology platform, JouleX Energy Manager, is a network-based, energy management system that measures the energy consumption and utilisation of all network-connected devices and systems to provide visibility into power usage across the enterprise. JouleX has approximately 100 customers throughout North America and Europe and recently announced the opening of a new office in Tokyo, Japan. The company’s current technology partners include Cisco, Intel, VMware, Juniper Networks, Enterasys and Siemens.
‘JouleX is the first company to successfully address the gap that has long existed in enterprise energy management,’ said John Mandile, managing director at Sigma Partners. ‘The JouleX team has set a new industry standard in terms of developing an innovative, yet practical and cost-effective solution that focuses on energy waste and reduction within the enterprise and then has the technology acumen to control it. We’re excited to be investing in JouleX to help expand the adoption of the JEM products and support its existing customers and partners.’
Founded in 1984, early-stage venture capital firm Sigma Partners has $2bn under management. The team is currently investing Sigma Fund 8, a $500m fund.
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