Hara Secures Funding from Strategic Investors Energy Technology Ventures – a GE, NRG Energy, and ConocoPhillips Joint Venture – and ITOCHU, Bringing Total Raised to $45 Millio...
Ray Lane of Kleiner Perkins Caufield & Byers Named Board Chairman
San Mateo, Calif. – May 18, 2011 – Hara, a leading provider of environmental and energy management software, today announced that it has received $25 million in Series C funding, the company’s largest round, bringing total investment to $45 million. Participants include Energy Technology Ventures, a joint venture of GE (NYSE: GE), NRG Energy (NYSE:NRG) and ConocoPhillips (NYSE:COP), and ITOCHU Technology Ventures (ITV), as well as existing investors Kleiner Perkins Caufield & Byers (KPCB), JAFCO and Nth Power and new backers Focus Ventures and Navitas Capital. The funding will allow Hara to accelerate global expansion and product innovation, to meet growing demand from Fortune 1000 companies and government agencies for solutions to help optimize energy and resource use while minimizing environmental impact.
Hara is adding new strategic investors as it advances its growth plans across industries including manufacturing, utilities and oil and gas. These investors include – through Energy Technology Ventures –world-renowned advanced technology, services and finance company GE; ConocoPhillips, the third-largest integrated energy company in the U.S.; NRG Energy, owner and operator of one of the largest power generation portfolios in the nation; and ITV, the venture capital arm of leading Japanese trading group ITOCHU which has also entered into a strategic partnership with Hara to serve clients in Japan. The funding supports Hara’s global focus as an industry leader and is a testament to the adoption, comprehensiveness and scalability of the Hara Environmental and Energy Management (Hara EEM) solution.
“We have high hopes for our investment in Hara because of its solid commercial traction, strong management team and proven innovation,” said Ricardo Angel, a GE Energy Financial Services venture capital executive also representing Energy Technology Ventures. “Hara’s energy and environmental management solution presents opportunities for collaboration across GE, NRG Energy and ConocoPhillips.”
Hara, which has secured more than 50 leading industry and government customers and demonstrated rapid innovation, was selected as a winner of the GE Ecomagination Challenge’s “Powering the Grid” program. The Ecomagination Challenge demonstrates GE’s global commitment to accelerate the development and deployment of innovative power-grid technologies through open collaboration, while providing financial support to develop and commercialize innovative technologies. Hara’s centralized management and decision making solution will enable the identification of innovative energy reduction and management technologies and capture related best practices, including those of other GE Ecomagination Challenge winners.
Ray Lane Becomes Chairman of the Board
KPCB managing partner Ray Lane joins Hara’s Board of Directors as Chairman, where he will work closely with the leadership to drive the company’s global expansion. Lane brings more than 20 years of experience guiding the world’s top IT companies. Prior to joining KPCB in 2000, Lane served as president and chief operating officer of Oracle Corporation, where he oversaw multi-billion dollar revenue growth and core business expansion.
“Hara is already the established leader in the energy and resource management space and I have been impressed with the dramatic market momentum it has built over the past couple of years,” said Ray Lane. “Effective energy and environmental management is now a business imperative that requires full accountability from companies and their stakeholders across industries.”
“Hara has thrived by meeting the increasing demands of organizations looking to improve their bottom line by better managing their energy and resource consumption, and we continue to see tremendous growth opportunity in the market,” said Amit Chatterjee, CEO and founder, Hara. “Hara is thrilled to partner with industry and energy leaders who share our vision, and with Ray Lane’s technological, organizational and market insight, we will focus on continuing to aggressively scale our business in the U.S. and beyond.”
Hara helps organizations grow and profit while optimizing natural resource consumption and minimizing environmental impact. The Hara™ Environmental and Energy Management solution enables organizations to manage and optimize their organizational metabolism – the collective resources consumed and resulting outputs across an organization and its value chain – including energy, water, waste and carbon. Hara empowers an end-to-end environmental and energy business process from reporting to reduction to help organizations improve operational efficiency, maximize value and manage risk. Hara customers include leading organizations such as ADWEA, Aerojet, Akamai, City of Las Vegas, City of Palo Alto, City of Philadelphia, Coca-Cola, Diebold, Hasbro, Intuit, EMD Millipore, News Corporation, Safeway and U.S. Bank. For more information, please visit www.hara.com.
GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GE is Imagination at Work.