9:01 | 23.02.2010
Adura Technologies Adds $12 Million in Funding; NGEN Partners Joins Board
Adura Technologies™, a leading provider of wireless lighting control and
energy management solutions, today announced $12 million in new funding.
Adura also announced that NGEN Partners, a pioneering investor in the
clean tech sector, will join the company’s board as lead investor in the
new funding round, which includes return investors VantagePoint Venture
Partners, a leading global clean tech venture capital firm, and
Claremont Creek Ventures, an early stage venture capital firm.
“The new funding will help Adura continue to grow through the expansion
of our commercialization efforts and ongoing technology development,”
said Jack Bolick, President and Chief Executive Officer, Adura. “We’re
building on our successes in the past year, when Adura demonstrated 70
percent savings in independent customer studies, launched the commercial
version of our core product, the Adura Light Point System™ (ALPS™), and
partnered to expand our capabilities to include monitoring and
measurement of HVAC systems.”
Lighting and HVAC are the top two energy users in most commercial
buildings, typically representing 60 percent or more of the total energy
use. Adura’s wireless management platform addresses both energy uses and
could result in savings of up to 50 percent. It can also relieve strain
on the electrical grid during periods of high use – a key goal of Smart
Grid implementation. In addition, ALPS can be installed at a fraction of
the cost and disruption of conventional retrofits.
“Commercial building lighting costs U.S. users about $30 billion a year,
about half of which could be saved by more efficient controls,” said
Robb McLarty, Principal, NGEN Partners. “We believe Adura will be a
leader in a market with huge potential.”
“ALPS is easy to install and use and the potential payback could occur
within a few years,” said Lee Burrows, Partner, VantagePoint Venture
Partners. “That’s why we believe Adura will be the solution of choice
for building owners and managers in the future.”
“Energy efficiency will continue to be an important strategy for
business to reduce costs and decrease carbon emissions,” said Nat
Goldhaber, Managing Director, Claremont Creek Ventures. “The scalable
offerings provided by Adura are cost-effective solutions for both the
retrofit and new construction markets.”
About Adura Technologies
Adura Technologies™ is a clean energy technology company, applying
low-power wireless mesh networking to the lighting controls and energy
management markets. The company designs, manufactures and commissions
energy management solutions for its customers. Adura’s mission is to
provide cost-effective solutions for the retrofit of commercial
buildings so that building owners, tenants and facility managers can
implement energy efficiency and load curtailment strategies that help
reduce their operating costs and their carbon footprint. Adura is backed
by NGEN Partners, a pioneering investor in the clean tech sector, based
in Palo Alto; VantagePoint Venture Partners, a leading clean tech
investor, based in San Bruno, CA, and Claremont Creek Ventures, an
early-stage venture capital firm based in Oakland, CA. For more
information, please visit www.aduratech.com.
About NGEN Partners
Founded in 2001, NGEN Partners is a pioneering investor in the cleantech
sector. NGEN invests in early to late stage businesses that offer
economically valuable products and services that positively affect the
environment. With a history in materials science, NGEN has deep
expertise in alternative energy, energy efficiency, pollution abatement
and green resources. www.ngenpartners.com
About VantagePoint Venture Partners
VantagePoint Venture Partners is a leader in investing in 21st century
technologies and partners with entrepreneurs in the CleanTech,
Healthcare and Information Technology sectors. With a large investment
team of experts, a broad network of strategic partners and advisors, and
more than $4.5 billion committed capital, the Firm has the depth of
resources to help build transformative companies that are clear leaders
in their categories. The Silicon Valley Firm has investments in more
than 70 companies including Better Place, BrightSource Energy, Gain
Capital, Mascoma, Miasole, Premium Power, ReachLocal, Tesla and others.
For more information, visit www.vpvp.com.
About Claremont Creek Ventures
Claremont Creek Ventures turbocharges the uncommon startup. As an early
stage venture firm, Claremont Creek embraces emerging technologies to
accelerate companies’ success in three sectors: energy conservation,
healthcare IT, and security markets. Using our proprietary life-cycle
venturing program, Claremont Creek partners with East-Bay corridor and
other entrepreneurs with special ties to institutions including UC
Berkeley, Lawrence Livermore Labs, UC Davis and Stanford University.
Claremont Creek Ventures has $300 million under management in two funds.
In addition to investing in Adura Technologies, CCV investments include
EcoFactor, Clean Power Finance, and Gene Security Networks. www.claremontvc.com
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