Service Resources, Inc. not only changed its name earlier this week. The energy management service company also closed on $15.5 million in new funding.
The new name is Prenova. The business is the same — finding ways to help clients, including many high-tech firms, save substantially on energy costs.
Frontenac, which first invested in the company in 2001, led the new round. Also participating were Austin Ventures, a previous investor, as well as new investor River Cities Capital Funds. The company has raised more than $100 million so far in venture capital.
Citing strong growth by the company over the past nine months and a new focus that is exclusively on energy management outsourcing, Laird Koldyke of Frontenac predicted Prenova would be in the black soon. “In an economy in which cap investments are made conservatively, we commit this funding enthusiastically, confident it will provide Prenova the means required to reach profitability this year,” he said in a statement.
Prenova was founded in 1997. It helps firms reduce energy costs through management of supply, bill data and utility information as well as energy management centers, strategy and budgeting services and decision management strategies.
Among its clients are AT&T, Owens Corning and Home Depot.