The company secured the capital from investors Sigma Partners, Flybridge Capital Partners and Intel Capital.
The company’s technology platform, JouleX Energy Manager (JEM), is the first network-based, "agentless" energy management system which reduces energy costs by monitoring, analyzing and controlling energy usage of all network-connected devices and systems.
JouleX president and CEO Tom Noonan said the company’s innovative energy management system for the entire enterprise will help companies to realize cost savings while meeting sustainability goals.
"This investment will allow us to accelerate the introduction of our JouleX Energy Manager family of products into regions around the world where optimizing energy usage and driving energy efficiency are mission-critical for conducting business," Noonan said.
Sigma Partners managing director John Mandile said the JouleX cost-effective solution focuses on energy waste and reduction within the enterprise and then has the technology acumen to control it.
"We’re excited to be investing in JouleX to help expand the adoption of the JEM products and support its existing customers and partners," added Mandile.
