Seattle-based Powerit Solutions today announced that it raised $5.5 million to develop a cloud platform and expand its “Spara EMS” product for industrial automation and smart-grid infrastructure.
The third-phase funding includes $3 million raised in April and $2.5 million that closed in late November. Black Coral Capital led the financing.
Powerit’s products are used by industrial facilities to manage energy use. It estimates that its systems are now used to manage 571 megawatts of electrical load in North America.
Next year the company will release a hosted, cloud platform called “SparaHub” that will provide real-time pricing and data and connect with utility programs.
The company employs 51 and isn’t planning to grow headcount over the next year, a spokeswoman said.