VoltServer, an East Greenwich, RI-based provider of a new distribution format for electricity, raised $17.5M in Series B funding.
The round, which brought the total amount to $40M, was led by Marker Hill Capital and Constellation Technology Ventures, followed by the Southwire Company, RightHill Ventures, and Clean Energy Venture Group.
The company intends to use the funds to hire talent to accelerate products and further expansion into Communications, Intelligent Buildings, Indoor Agriculture, EV Charging, Data Centers, and other applications where rapid, lower-cost, data-enabled electricity distribution will benefit customers and the public.
Led by CEO Steve Eaves, VoltServer has commercialized a technology class for electricity transmission called Fault Managed Power (FMP) which sends electricity in small pulses or “packets” that are individually checked for safety and embedded with data. The company manufactures FMP transmission products under the brand name Digital ElectricityTM and has circuits installed in buildings that include NFL football stadiums, smart hotels, and indoor vertical farms. The systems include extensive monitoring and control software that augments proven hardware components.