WebGen Raises $9.5M Series B
WebGen Systems Inc. raised $9.5 million in Series B funding during 2Q 2006. The energy management software company offers applications for energy conservation and control in commercial buildings. Sigma Partners led the round.
June 05, 2006
WebGen makes a suite of software modules called IUE (Intelligent Use of Energy) for measuring and optimizing energy consumption. The system collects real-time data from systems running on open-standard networks such as BACNet and LonWorks, and presents them to facilities managers in a graphical user interface. It can aggregate data from multiple buildings.
With its lead investment, Sigma Partners joins the ranks of established VC firms who are investing in energy technologies. This is Sigma's first energy investment, but not their first software investment. The firm has invested in Clarify, Electronic Arts, Octel, and Wellfleet, among others.
WebGen was founded in 2000 and has 32 employees, according to a brief article in Mass High Tech: The Journal of New England Technology last week. The company claims Bank of America, California's Department of General Services, and the University of Miami as customers.
Together with two previous rounds, the company has raised $20.5 million, MHT reported. WebGen is headquartered in Cambridge, MA. The management team comes from backgrounds at Johnson Conrols, Con Ed, and Primix Solutions (an Internet services company).