IoT Company With Indiana Connections Lands $10M
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowMaryland-based Blue Pillar Inc., which has an office in Indianapolis, has secured $10 million from investors. The latest funding round is from a group that includes Elevate Ventures and Carmel-based Allos Venture Management Co. Ltd.
The rest of the investors include Great Plains Energy Inc.-affiliate GXP Investments, EnerTech Capital, Allos Ventures, Arsenal Venture Partners and Claremont Creek Ventures. In 2015, the company secured a $14 million round of funding from a group of investors that also included EnerTech Capital, Allos Ventures, Arsenal Venture Partners and Claremont Creek Ventures.
EnerTech Capital Managing Director Bill Kingsley said Blue Pillar’s business has grown by 400 percent in five years. "Through their innovative approach, existing and new energy assets such as solar, storage and fuel cells are linked into a digitally enabled architecture, enabling control and two-way power flows. We believe Blue Pillar is well positioned to compete in an Energy IoT market reshaping how customers consume electricity."
Blue Pillar Chief Executive Officer says the infusion will help the internet-of-things platform company continue to "rapidly bring much needed disruption to the energy industry." He adds "the vision of Blue Pillar has always relied upon what could be achieved with ubiquitous access to behind-the-meter energy information and secure automated control over DERs and systems."
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