Varentec Bags $7.7M A Round From Khosla Ventures


Varentec, the emerging green technology company, closed a $7.7 million Series A funding late last year, according to a statement released by it and lead investor Khosla Ventures Wednesday. Additionally, the company announced, Dr. Deepak Divan will lead the company as President and CTO. Varentec makes electric grid and power electronics products.

PRESS RELEASE:

SAN JOSE, Calif., Jan. 18, 2012 /– Varentec, an emerging green technology company, closed a $7.7M Series A funding round in late 2011 led by Khosla Ventures, a leading clean tech venture capital firm located in Menlo Park, CA. Varentec also announced that Dr. Deepak Divan will lead the company as President and CTO. Vinod Khosla, founding partner of Khosla Ventures, indicated that “the grid of the future will require dynamic control achieved with smart, networked power electronics devices. Under Dr. Divan’s leadership and vision, we believe that Varentec’s solutions will have a transformative impact on the electricity industry.”
Dr. Deepak Divan is an industry veteran, thought leader and prolific inventor, with over 35 years of experience as an entrepreneur and as an academic. He is an IEEE Fellow, a recipient of the IEEE William E. Newell Field Award in power electronics, and is past President of the IEEE Power Electronics Society. Dr. Divan stated, “I am excited to be given the opportunity by Khosla Ventures to develop and execute on a new vision to achieve dynamic control of the grid, and to provide new solutions to solve pressing problems in the electricity sector.”
Concurrently, Varentec announced an award of a Department of Energy ARPA-E grant of $5M 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 include Electric Power Research Institute, Waukesha/SPX, and the NEETRAC center at the Georgia Institute of Technology.
Varentec is a technology leader at the intersection of power electronics and the electric grid. Varentec’s mission is to deliver critical new dynamic control functionality that can help utilities transform their power delivery infrastructure in a cost effective manner.