EnerNOC, Inc. Secures Additional Round of Funding; Foundation Capital's Adam Grosser Joins Board of Directors
January 25, 2005
For Immediate Release
Leading provider of full-service demand response and energy management solutions secures over $7.75 million in additional funding
BOSTON, Massachusetts (January 25, 2005) — EnerNOC, Inc., the leading provider of full-service demand response and energy management solutions, announced today that it has secured over $7.75 million in Series B funding. Foundation Capital of Menlo Park, CA, was the lead investor in the round. First-round investors Draper Fisher Jurvetson, Braemar Energy Ventures, and DFJ New England also participated, bringing total investment in the company to over $10 million.
The capital will be used to extend EnerNOC's market leadership, support continued product and technology development, and recruit additional talent to the team.
EnerNOC CEO Tim Healy stated, “This round of funding will allow us to accelerate our market growth strategy while continuing to deliver world-class demand response and energy management solutions to our customers. Demand response offers the most cost-effective and immediate solution to relieving electricity market capacity constraints.”
“EnerNOC has established an impressive track record of performance in revenue growth, customer service, and technology development. The company is well-positioned to capitalize on demand response market opportunities,” commented Adam Grosser, General Partner of Foundation Capital. “We're excited to be part of building the industry leader,” added Adam.
Mr. Grosser will join EnerNOC's Board of Directors. With a broad base of operational experience in Telecommunications and Data Communications, Adam currently serves on the boards of Oluma, Peribit Networks, Hammerhead Systems, Synfora, Arroyo Video Solutions, Traverse Networks, Silver Spring Networks and Precision I/O. In addition, he has previously served on the boards of Alteon WebSystems (now part of Nortel Networks), Skystream Networks and @Home Australia.
About EnerNOC, Inc.
EnerNOC, Inc. is a leading developer and provider of clean and intelligent energy solutions to utilities and electric power grid operators, as well as commercial, institutional, and industrial customers. EnerNOC’s technology-enabled demand response and energy management solutions help optimize the balance of electric supply and demand. The Company uses its Network Operations Center, or NOC, to remotely manage and reduce electricity consumption across a network of commercial, institutional, and industrial customer sites and make demand response capacity and energy available to utilities and grid operators on demand. For more information, visit www.enernoc.com.
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in telecommunications and networking; Internet infrastructure; and enterprise software. For more information, visit www.foundationcapital.com.
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.