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Print Edition StoriesFriday, November 13, 2009
PowerHouse Dynamics working on $2M Series A round
By Mass High Tech staff
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PowerHouse Dynamics LLC, a maker of web-based home power management systems, is working on closing on $2 million in a Series A round of funding..
The company, which has operations in both Maine and its headquarters in Newton, makes what it calls the eMonitor Total Home Energy Management product, that allows a homeowner to monitor and manage all energy sources and uses in a household. According to founder and CTO Carsten Steenberg, the company expects the round to close this month or next.
In November of last year, the company took in a $12,500 grant from the Maine Technology Institute to design, build and pre-test a prototype of its eMonitor. In total, Steenberg said, PowerHouse has taken $25,000 in to grants rounds from MTI. According to an April filing with the U.S. Securities and Exchange Commission, PowerHouse brought in $225,000 of a planned $750,000 debt financing. Steenberg said that since that filing the amount has climbed to more than $500,000.
On the PowerHouse website, the company says the eMonitor is available for limited distribution and will be widely available late in 2009. The company was founded in 2008 by Steenberg, who previously ran the U.S. operations for a pair of Danish companies: I-Data, which develops network communications technology, and Phase One, which is involved in digital photography.
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