Friday, August 22, 2008

Draker Labs draws in Green Mountain cash

By Efrain Viscarolasaga

As many companies and researchers work to make wind, solar and other alternative energy systems more efficient, a Vermont entrepreneur has developed a device aimed at telling them just how effective their systems are — and has landed a new round of funding to help bring it to market.

AJ Rossman, the founder and CEO of Burlington, Vt.-based Draker Laboratories Inc., has been working on his company’s energy-monitoring technology for 10 years, but it wasn’t until 2004 that he began doing it full time. Last week, that effort paid off as Vermont-based venture capital firm FreshTracks Capital, the Vermont Clean Energy Development Fund and two strategic partners ponied up Draker’s first round of funding.

The proceeds will be used to add staff, including a vice president of sales and business development, as well as continue the company’s research and development efforts, according to Rossman. Draker now employs seven people, and officials expect to reach 10 employees by the end of the month.

Draker’s system monitors both input and output of alternative energy systems, either on site or remotely. The company has developed a customer base among power companies, project developers and state governments implementing alternative energy systems, and officials hope the new funding will help expand that base and help the company reach original equipment manufacturers in the photovoltaic and wind power generation industries.

While Rossman admits the money included in the funding will certainly help Draker Laboratories grow, two strategic relationships — with Utah-based Campbell Scientific Inc. and Vermont-based Nathaniel Group Inc. — could be more significant than the money.

“Almost all of Draker’s clients get excited when they find out that Campbell Scientific has put in a strategic investment,” said Lee Bouyea, a managing partner at FreshTracks Capital. “And Campbell’s reach really opens up the international markets.”

Campbell Scientific makes data-monitoring equipment for use in weather and agricultural research, bridge monitoring and mining. The company’s data logger technology is combined with Draker’s firmware and Internet integration to make up the Draker platform. Vergennes, Vt.-based Nathaniel Group provides the manufacturing and design services for Draker.