Adura Technologies, a provider of wireless lighting control and energy management, today announced $12 million in new funding. NGEN Partners led the round, which includes return investors VantagePoint Venture Partners and Claremont Creek Ventures.
Adura Technologies™, a leading provider of wireless lighting control and energy management solutions, today announced $12 million in new funding.
Adura also announced that NGEN Partners, a pioneering investor in the clean tech sector, will join the company’s board as lead investor in the new funding round, which includes return investors VantagePoint Venture Partners, a leading global clean tech venture capital firm, and Claremont Creek Ventures, an early stage venture capital firm.
“The new funding will help Adura continue to grow through the expansion of our commercialization efforts and ongoing technology development,” said Jack Bolick, President and Chief Executive Officer, Adura. “We’re building on our successes in the past year, when Adura demonstrated 70 percent savings in independent customer studies, launched the commercial version of our core product, the Adura Light Point System™ (ALPS™), and partnered to expand our capabilities to include monitoring and measurement of HVAC systems.”
Lighting and HVAC are the top two energy users in most commercial buildings, typically representing 60 percent or more of the total energy use. Adura’s wireless management platform addresses both energy uses and could result in savings of up to 50 percent. It can also relieve strain on the electrical grid during periods of high use – a key goal of Smart Grid implementation. In addition, ALPS can be installed at a fraction of the cost and disruption of conventional retrofits.
“Commercial building lighting costs U.S. users about $30 billion a year, about half of which could be saved by more efficient controls,” said Robb McLarty, Principal, NGEN Partners. “We believe Adura will be a leader in a market with huge potential.”
“ALPS is easy to install and use and the potential payback could occur within a few years,” said Lee Burrows, Partner, VantagePoint Venture Partners. “That’s why we believe Adura will be the solution of choice for building owners and managers in the future.”
“Energy efficiency will continue to be an important strategy for business to reduce costs and decrease carbon emissions,” said Nat Goldhaber, Managing Director, Claremont Creek Ventures. “The scalable offerings provided by Adura are cost-effective solutions for both the retrofit and new construction markets.”
About Adura Technologies
Adura Technologies™ is a clean energy technology company, applying low-power wireless mesh networking to the lighting controls and energy management markets. The company designs, manufactures and commissions energy management solutions for its customers. Adura’s mission is to provide cost-effective solutions for the retrofit of commercial buildings so that building owners, tenants and facility managers can implement energy efficiency and load curtailment strategies that help reduce their operating costs and their carbon footprint. Adura is backed by NGEN Partners, a pioneering investor in the clean tech sector, based in Palo Alto; VantagePoint Venture Partners, a leading clean tech investor, based in San Bruno, CA, and Claremont Creek Ventures, an early-stage venture capital firm based in Oakland, CA. For more information, please visit www.aduratech.com.
About NGEN Partners
Founded in 2001, NGEN Partners is a pioneering investor in the cleantech sector. NGEN invests in early to late stage businesses that offer economically valuable products and services that positively affect the environment. With a history in materials science, NGEN has deep expertise in alternative energy, energy efficiency, pollution abatement and green resources. www.ngenpartners.com
About VantagePoint Venture Partners
VantagePoint Venture Partners is a leader in investing in 21st century technologies and partners with entrepreneurs in the CleanTech, Healthcare and Information Technology sectors. With a large investment team of experts, a broad network of strategic partners and advisors, and more than $4.5 billion committed capital, the Firm has the depth of resources to help build transformative companies that are clear leaders in their categories. The Silicon Valley Firm has investments in more than 70 companies including Better Place, BrightSource Energy, Gain Capital, Mascoma, Miasole, Premium Power, ReachLocal, Tesla and others. For more information, visit www.vpvp.com.
About Claremont Creek Ventures
Claremont Creek Ventures turbocharges the uncommon startup. As an early stage venture firm, Claremont Creek embraces emerging technologies to accelerate companies’ success in three sectors: energy conservation, healthcare IT, and security markets. Using our proprietary life-cycle venturing program, Claremont Creek partners with East-Bay corridor and other entrepreneurs with special ties to institutions including UC Berkeley, Lawrence Livermore Labs, UC Davis and Stanford University. Claremont Creek Ventures has $300 million under management in two funds. In addition to investing in Adura Technologies, CCV investments include EcoFactor, Clean Power Finance, and Gene Security Networks. www.claremontvc.com