Bill Gates and Khosla Ventures have invested $8 million in Series B funding to underwrite the production rollout of Varentec’s intelligent power monitoring, control, and data analytics solutions for American and international utilities.
Varentec’s grid monitoring delivers voltage & VAR control, demand management, asset utilization, and grid visibility for utilities and industrial applications. Varentec’s Edge of Network Grid Optimization provides energy conservation, grid situational awareness and visibility, Volt-VAR optimization, improving service quality, and grid integration of distributed renewable resources.
Deepak Divan, Varentec co-founder, president, and chief technology officer explains that the company’s solution “operate at the edge of the network and, coupled with our software analytics, provide the ‘eyes, brain and muscle’ to uniquely enable real-time management of the power network…This Series B funding not only validates our unique approach but enables us to solve present grid challenges such as energy conservation, grid optimization, and grid integration of rooftop PV. It will also allow us to commercialize our cutting edge technology into transformative power delivery solutions data centers and industrial applications.”
Khosla Ventures founder Vinod Khosla adds: “Varentec’s intelligent power management and data analytics platform is exactly the breakthrough technology that we look for in companies. Development of cost-effective, intelligent, decentralized power grid solutions has been a challenging problem that has been solved effectively by the Varentec team. This shows the path forward for transforming the present grid into a smart power delivery system and provides countless opportunities for power optimization across the global electrical grid, in data centers, and in other power-intensive applications.”
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