Power Assure gets $18.75 Million in new funds

Power Assure, a provider of software solutions to optimize capacity, service levels, and power consumption within and across data centers, has raised $11.25 million in funding from Good Energies, Point Judith Capital, and Draper Fisher Jurvetson. The company also announced the addition of Bernard Brenninkmeijer from Good Energies and Zaid Ashai with Point Judith Capital as new members of its board of directors. Power Assure is also the recipient of a $5 million grant from the Department of Energy providing the company with $18.75 million in total capital. This new infusion of funds will be used to expand the company’s sales and go-to-market initiatives for its optimization solutions, currently in production at large enterprise and government data centers.

Building on its suite of dynamic power management solutions for data centers, Power Assure has expanded the capabilities of its software-as-a-service-based platform to include both capacity and performance management features. The company has also developed its own proprietary runbook automation system to speed up, as well as simplify, customer management and maintenance functions. With the support of the Department of Energy, the company is also developing innovative load-shedding and shifting services to dynamically optimize power, capacity, and performance levels across geographically-dispersed data centers. With Power Assure solutions, CIOs, as well as IT and facilities managers, can extend the longevity of their existing data centers while maintaining critical customer service levels.

“The cost to build out a new data center today is averaging $100 million,” said Bernard Brenninkmeijer, Investment Director with Good Energies and newly appointed to the Power Assure Board of Directors. “As a result, data center operators are seeking solutions like Power Assure’s to extend the life spans of their existing data centers.”

Also joining Power Assure’s board of directors is Zaid Ashai, a partner with Point Judith Capital where he leads the firm’s cleantech investing efforts with a focus on energy IT.

“CIOs and data center operators are being asked to accomplish seemingly contradictory objectives, namely to maintain or even increase service performance levels while decreasing operating and energy costs,” said Ashai. “That’s exactly what Power Assure’s data center optimization technology is addressing.”

“Securing additional investment capital, especially in this recessionary climate, will allow us to hire the people we need to meet the demand we’re seeing for our products in the market,” said Brad Wurtz, CEO of Power Assure. “While curbing the enormous energy appetites of data centers and spiraling costs associated with their power consumption is one of our core competencies, our investors recognize that the optimization of data centers goes well beyond just managing power. By combining power, capacity, and performance management services with advanced load shedding and shifting technologies, we are giving our customers the tools they need to achieve new levels of efficiency in their data centers.”

Location: USA, Santa Clara, CA

Ref: F231109-497

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: