CPower, an energy management firm, announced the closing of a $10.68 million Series B round of financing, led by new investor Mayfield Fund, as well as returning investors, including Bessemer Venture Partners, Expansion Capital Partners, Schneider Electric Ventures, New York City Investment Fund and Consensus Business Group.
The funding will be used to accelerate business growth in new geographies and vertical markets.
CPower, formerly known as Consumer Powerline, offers a range of energy management programs including demand response capacity, reserves and regulation, energy efficiency, peak load management and white certificates.
Recently, CPower expanded into California, the Mid-Atlantic region, Texas and Ontario, and is positioned to pursue additional regions in the coming year.
In addition, CPower said it has broadened its client base throughout the industrial, commercial, retail and institutional sectors with new client partnerships including Wal-Mart, Sears Holdings Corporation, Kmart, Marcal Manufacturing, LaFarge North America, Long Trail Brewing Co., National Envelope, Passaic Rubber, Ramapo College, Vitamin Shoppe, and Western Container.
"Demand response and energy efficiency are key drivers towards a more sustainable energy future," said Navin Chaddha, Managing Director, Mayfield Fund. "We invested in CPower based on the increasing adoption of its energy management solutions with over 2,300 client sites, strong revenue growth, innovative customer service and partner friendly business model."
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