Hara closes Series C with $25 million
Date: Friday , June 03, 2011
Hara Technologies, a provider of environmental and energy management solutions, raises $25 million in Series C round of funding. This is the biggest round of funding for the company so far and the round brought its total funding to $45 million. Participants in this round include Energy Technology Ventures, ITOCHU Technology Ventures (ITV), Focus Ventures, and Navitas Capital, along with their existing investors Kleiner Perkins Caufield & Byers (KPCB), JAFCO and Nth Power and new backers. Founded in 2008, the company is headquartered in San Mateo, California.
With this new round of funding the company has plans to expand globally, as well as accelerate product innovation and staffing. “The new round of funding gives us the freedom to pursue the growth strategies necessary to continue delivering excellent customer value,” says Amit Chatterjee, Founder and CEO, Hara. The company plays in a variety of industries, including financial services, consumer packaged goods, high technology & electronics, and transportation, and their customers range from Fortune 500s like Hasbro, Intuit and Safeway, to municipalities like the cities of Palo Alto, Las Vegas and the Emirate of Abu Dhabi. Presently Hara has over 50 customers deployed across 100 countries.
According to a recent report by independent analyst firm Groom Energy, the Enterprise Energy and Carbon Accounting (EECA) market has grown 400 percent in 2010, and the market is expected to continue to develop in the coming year. This presents a huge opportunity to the players in this space. With not many competitions in the field and about 75 employees with experience and expertise in this field, the prospect of the company is quite obvious and it is fair to say they are set to attain great heights.