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Print Edition StoriesNatick energy management technology firm OutSmart Power Systems LLC has bumped its planned debt round from $1 million to $4.5 million, and brought in a new tranche that boosts the debt financing in the round to $2.6 million, according to federal documents.
OutSmart first filed for the round in October, at which time it said it was targeting $1 million and had raised $800,000.
In May of last year, the company launched a planned $4 million equity fundraise, initially bringing in $400,000.
The document filed with the U.S. Securities and Exchange Commission did not list by name the 19 backers in the latest piece of the OutSmart funding round. It did note as Related Persons CEO Kevin Johnson, along with directors Samuel Bain Jr. of Wellesley’s Bainco International and Charles Wood III, who was previously at Boston Private Financial Holdings.
OutSmart’s technology aims to turn a commercial property’s existing electrical wiring infrastructure into a building management network. The network is intended to support a variety of applications for managing buildings and equipment, including monitoring and managing all electrical consumption and managing assets.
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