Varentec raises $8m from Bill Gates, Khosla Ventures


varentecMicrosoft founder Bill Gates and venture capital firm Khosla Ventures have invested $8m in Varentec, which provides power control systems for electric grid.

The Series B investment will fund the rollout of Varentec’s intelligent power monitoring, control, and data analytics systems for for US and international electric utilities and industrial businesses.

Varentex said that the Series B funding 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,” it added.

Khosla Ventures founder Vinod Khosla said, “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.”

Another copmpany backed by Khosla, Nirvanix, has just announced that it will wind down its operations.

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