Energate, a Canadian developer of home energy management solutions, is looking to raise as much as $14 million from current and new investors as part of a Series C that could happen in the next 12 months, Marketing Director Karen McNaughton, tells G.E.R.
The Ottawa. Ont.,-based company announced today that it had secured $7.2 million in a Series B funding round co-led by Montreal-based Cycle Capital’s Fund I and the Ontario Emerging Technology Fund (OETF), a fund launched last year by the Province of Ontario’s Ontario Capital Growth Corporation’s (OCGC) . Energate will use the Series B cash to grow sales and fund ongoing R&D projects — see full release.
Before the Series B Energate, which was launched in 2004, raised an undisclosed amount of capital from a group of angel investors.