Bengaluru: Aquilon Energy Services Inc., a cloud technology platform, raises $19 million in its series B round from Citi, Goldman Sachs Principal Strategic Investments, Invenergy and Macquarie Group. This fresh funding will enable Aquilon to grow its Energy Settlement Network (ESN) and enhance features and functionalities for settlements with independent system operators (ISO).

"The companies investing in our firm have large trading and settlement operations and realized how we can automate settlement processes, strengthen financial controls, enhance risk management and improve efficiency," says Jeffrey Wagner, Founder & CEO, Aquilon Energy Services. "This round of financing will allow us to not only grow our ESN, but also enhance features and functionality for settlements with independent system operators (ISO) as well as transactions involving power, natural gas, crude oil, and refined products," he adds.

Headquartered in Illinois, Aquilon Energy Services provides innovative solutions which enable settlement departments at energy companies to track, review and approve their transactions, identify discrepancies, and collaborate with counterparties to resolve exceptions, all within a single easily navigable interface.

Since its inception, Aquilon has raised a total of $32.88 million in two funding rounds. Earlier in June last year, the company had raised $13.88 million in its venture funding round from West Capital Advisors. Also, post the latest funding, all four investor parties will use all four companies committed to use Aquilon's Energy Settlement Network (ESN), through which they will be able to automate settlements, complete invoicing and payments in the web browser-based system.

Commenting on the latest investment, Owen West, Head - U.S. Natural Gas & Power Trading, Goldman Sachs, says, "With the ESN, Aquilon has increased automation in the settlement process. Additionally, as members of the network, we will now be able to access the data and information we need in one place".