Varentec Closes $7.7M Series A Funding
Summary
Green technology company Varentec recently closed a $7.7m Series A funding.The round was led by Khosla Ventures.Industry veteran Dr. Deepak Divan will lead Varentec as President and CTO.The company, which develops electric grid and power electronics products, also received a $5M Department of Energy ARPA-E grant to demonstrate “power routers” that can dynamically control power flows on the electric grid, to enable higher levels of green energy integration while reducing the build-out of new grid infrastructure.Partner organizations in the initiative include Electric Power Research Institute, Waukesha/SPX, and the NEETRAC center at the Georgia Institute of Technology.
Funding
Amount
$7.7M
Total raised
Date
January 18, 2012
Announcement date
Investors
Kholsa Ventures
Lead investors
Company
http://www.varentec.com
Funded company
Classifications
industries
Manufacturing Industry
applications
Data Management
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