Nexant, Inc., a provider of smart grid software, has raised an additional $43 million in funding from Oak Investment Partners and Intel Capital and previous investors TeleSoft and Beacon.
Nexant’s software focuses on managing
energy efficiency, demand response, and distributed generation. Nexant also provides technical, operational, and strategic
consulting services to utilities, and oil, gas, and chemical majors.
"The markets for energy efficiency, renewables, and carbon management worldwide–areas in which Nexant excels–represent an enormous opportunity which Nexant is exceptionally well-positioned to lead," said Arjun Gupta, Nexant Executive Chairman. "This new capital will enable us to develop and deploy our new platform, GridSmart®, and multiple new applications like TrakSmart® for the next-generation power grid. In addition, we will strengthen and expand our Chemsystems® offerings worldwide."
"As global data center energy consumption soars, utilities are increasingly looking at technologies that could bring about big energy savings to relieve pressure on their grids,” said Steve Eichenlaub, Managing Director, Intel Capital. “Intel Capital’s investment, combined with collaboration with Intel, aims to further define and expand Nexant’s data center efficiency offerings by pairing Nexant’s established relationships in the utility sector with Intel’s deep knowledge of datacenter technologies."
Nexant operates from 25 offices in the U.S., Europe, the Middle East, Asia, and Africa, the company’s team of industry professionals has completed more than 2,500 client assignments in over 100 countries, and its software operates in over 120 control centers at utilities worldwide. Its clients include major utilities, transmission and distribution system operators, chemical and petroleum majors, financial institutions, government agencies and Fortune 500 companies.
The smart grid managed services market is expcted to reach $4.3 billion in global revenue by 2015, according to a market analysis released this week.
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