Energy-Software Seller Prenova to Announce $11 Million Venture-Capital Infusion
Posted on: Monday, 8 May 2006, 12:03 CDT
By Michael E. Kanell, The Atlanta Journal-Constitution
May 7--A Marietta-based company said it will announce on Monday receipt of $11 million in venture capital funds.
Prenova Inc., which sells software packages for managing energy use, has raised the money from a group of investors, led by Bahrain-based Arcapita Ventures, which also has offices in Atlanta and London.
Among other investors in this round are Austin Ventures, Frontenac Co., River Cities Capital Funds and Colonnade Strategies.
Prenova, which was founded in 1997, has previously raised $17 million in two rounds of financing.
Prenova employs about 60 people.
Chief Executive Ed Smith is also a principal in Atlanta-based Colonnade Strategies. He is a former vice president at Perot Systems.
As part of the latest deal, two Arcapita officials will join the Prenova board of directors: John Huntz, executive director for venture capital, and Ramsay Battin, principal for venture capital in Atlanta.
Among Prenova's customers currently are AT&T, Costco, Crate & Barrel, Eddie Bauer, Owens Corning and Kroger.
The company said it will use the new round of financing to meet increasing customer demand and pay for further technology investment.
The company's software is aimed at cutting energy use and extending the useful life of equipment while minimizing the need for repairs and maintenance.
The latest funding comes with energy prices near record levels.
Oil, for example, after dipping briefly below $70 a barrel, on Friday edged back up above the $70 mark at the close of the trading day.
Economists have been fretting since last year that those higher energy prices would leak into the economy as companies raised the prices of their products to cover higher costs.
But if they do, they risk becoming less competitive.
Prenova hopes to sell its solutions as a way to keep those rocketing energy costs under control.
"Customers are demanding innovative energy solutions that can produce significant returns," Smith saidw in a statement.
The company declined to provide detailed information about its own annual sales.
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Source: The Atlanta Journal and Constitution
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