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Smart grid startup Alektrona Corp. of Providence, R.I., has won a commitment of $250,000 in seed funding from The Slater Technology Fund, to be used to develop the company ZigBee-based wireless network communication technology.
Alektrona is developing software and hardware for advanced metering infrastructure, demand side management, and other energy-related applications. The company was founded by two former American Power Conversion Corp. staffers, Christopher Leidigh and James Higgins.
The $250,000 Slater funds are part of an overall $510,000 initial seed round of funding from a number of backers, including Gene Zimon, former CIO of Massachusetts utility NStar and manager at JAZFund LLC, who will join the board at Alektrona.
The Slater Technology Fund is a state-backed venture capital fund that invests in new ventures committed to basing and building their businesses in Rhode Island. In February, it invested $500,000 in seed-stage funding in CytoSolv Inc., a biotech startup in Providence focused on developing proprietary technology to address wound healing, initially targeting diabetic ulcers.
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