updated: 5/1/2012 12:22:43 PM
An Indianapolis-based software systems company has closed on a $7 million round of financing. Blue Pillar Inc. plans to use the funding to improve its existing energy management software and speed up the release of a new portfolio of products. Executive Vice President of Sales and Marketing Scott Prince tells Inside INdiana Business the money will also help the company add "a few dozen" jobs.
April 30, 2012
Blue Pillar Inc., the leading distributed energy asset management software and systems company, today announced the close of a $7 million Series B equity financing round. Participants include Claremont Creek Ventures, Arsenal Venture Partners, Allos Ventures, OnPoint Technologies (the U.S. Army’s venture capital fund) and several existing investors.
The funding will allow Blue Pillar to accelerate the deployment of its Actionable Microgrid software product portfolio and meet growing demand from critical power customers in the healthcare, telecom/data, military, education and manufacturing sectors. Current customers, including Tenet Healthcare and Duke University Health System, have standardized on Blue Pillar’s packaged software and automation solutions to secure, manage and dispatch energy assets to protect mission critical operations and to unlock value from participation in energy market programs.
“Blue Pillar is thrilled to gain the strategic expertise of this complementary group of investors to build upon our commercial track record,” commented Blue Pillar CEO Kevin Kushman. “Our software products provide unparalleled asset security, efficiency, visibility and return to commercial, industrial and institutional owners of on-site energy resources: ultimately the most valuable segment of the Smart Grid.” Blue Pillar will deploy the funding to expand its product development, support and sales teams to address the increasing market demand for a scalable, critical power asset management platform for complex campuses or multi-site asset owners in the U.S. and abroad.
“We see tremendous opportunities for deployment of analytics and controls software that enable intelligence at the edge of the grid. Blue Pillar has already built an impressive business serving dozens of customers nationwide that want to improve management of their critical infrastructure and enable coordination with the grid,” said Paul Straub, Director of Claremont Creek Ventures.
“Allos Ventures is pleased to participate in the Blue Pillar financing round, which provides Kevin and his team with the capital and resources necessary to accelerate Blue Pillar’s growth and maintain its position as the leading provider of distributed energy asset management solutions. “Blue Pillar is a great example of the many high-potential technology companies located in the Midwest,” said John McIlwraith, Managing Director of Allos Ventures.
As a result of this investment round, Paul Straub (Claremont Creek), Jason Rottenberg (Arsenal) and John McIlwraith (Allos) will join Blue Pillar’s Board of Directors.
About Blue Pillar, Inc.
Blue Pillar is distributed energy asset management software and controls company, turning healthcare, manufacturing, telecom, datacenter, higher education, military and government facilities’ on-premise energy assets into Actionable Microgrids. The Blue Pillar application suite lowers enterprise energy spend and increases critical energy asset security, management, compliance and new energy market cash flows from programs like demand response. To learn more, visit www.bluepillar.com.
About Claremont Creek Ventures
Claremont Creek Ventures turbocharges the uncommon startup. As a seed and early stage venture firm, it embraces emerging technologies that accelerate company success, specifically in the energy technology, digital healthcare, payments and security markets. Claremont Creek often engages with entrepreneurs as they’re just starting a business through its life-cycle venturing program. Claremont Creek has more than $300 million in capital under management in two funds. For more information, visit www.claremontcreek.com.
About Arsenal Venture Partners
Arsenal Venture Partners (AVP) is the leading venture capital firm focused on the intersection of the commercial and defense markets. AVP, formerly known as MILCOM Venture Partners, manages multiple early-stage venture capital funds including Arsenal Venture Partners II, OnPoint Technologies, and MILCOM Technologies. Through the funds it manages, the AVP team has invested in dozens of portfolio companies across three primary sectors: communications and information technology, power and energy, and environmental and industrial technologies. The team has worked together for the last decade and developed a unique mix of expertise and experience necessary to execute its investment strategy. For more information, please visit www.arsenalvp.com.
About OnPoint Technologies
OnPoint Technologies is a strategic venture capital investor with a mission to discover, invest in and support companies at the intersection of Army and commercial market needs.
About Allos Ventures
Allos Ventures was founded to address the shortage of venture capital funding for early-stage technology companies in the Midwest. The Allos principals take a “hands-on” approach to venture capital investing, allowing Allos Venture’s partner companies to leverage the business-building skills and resources they developed over the past decade through investments in more than 100 companies, as well as those of the investors in the Allos funds, many of whom are successful entrepreneurs. Visit www.allosventures.com to learn more about the Allos strategy and the value the firm seeks to provide to the management teams with whom we work.