OutSmart Closes $2 Million in Seed Funding

NATICK, Mass. & SAN FRANCISCO--(BUSINESS WIRE)--OutSmart Power Systems, the developer of the Power Network™, announced today the completion of a $2 million seed funding led by Bainco, The Clean Energy Venture Group (CEVG) and Manifold Products. The funding will be used to deploy pilot programs using OutSmart OPS™, a premise-wide energy monitoring and management system that transforms the existing building infrastructure into an intelligent network, enabling owners to manage energy consumption, monitor equipment, sense building and occupant conditions as well as detect and diagnose electrical problems. OutSmart nodes and the peripherals they enable easily connect to existing electrical wiring to convert a building’s electric infrastructure into a two-way intelligent network. The OPS™ network delivers detailed information to a web-based graphical interface, enabling property managers and owners to understand and control their energy use, from individual loads to a multi-building level.

“68 percent of the energy generated in the U.S is consumed by over 70 billion square feet of commercial buildings,” said Kevin M. Johnson, CEO and co-founder of OutSmart. “OutSmart takes dormant electrical wiring in those buildings and converts them into intelligent networks that not only give owners and managers the ability to monitor and reduce electrical consumption, but enable applications for managing buildings that are either cost prohibitive or impossible today. We are the only cleantech company that approaches the building power distribution system as a real network – starting with understanding how it is configured.”

The functionality of the OutSmart OPS^TM network provides operations and facility managers a cost-effective solution to manage distributed loads across commercial office buildings, multi-unit residential buildings, laboratories and manufacturing environments. The suite of OutSmart products includes proprietary hardware consisting of nodes (breakers, switches, outlets and universal modules for hardwired loads), peripheral devices, network controllers, a server and a web-based graphical user interface for easy visualization, management and control.

Cisco recently announced its plan to deliver an end-to-end, highly secure network infrastructure solution that helps utility companies and their customers manage power supplies and energy consumption more efficiently. OutSmart’s Power Network compliments Cisco’s new smart grid strategy by bringing intelligence to the edge of buildings’ electrical networks.

About OutSmart Power Systems

OutSmart Power Systems has developed OPS ^TM, a premise-wide network that transforms existing building electrical infrastructure into an intelligent network for improving energy efficiency and lowering the total cost of owning and operating buildings. The OutSmart network monitors all electrical consumption, down to the load level, and facilitates the performance management and predictive maintenance of electricity-consuming assets. Information provided by the network enables facilities managers, building owners and CEOs to understand what is going on in their buildings, what needs to be done and whether changes they make produce desired results. OutSmart Power Systems is the latest technology company launched by Manifold Products, a leading venture engineering firm in Boston, MA. For more information on OutSmart, visit www.outsmartinc.com

About Bainco International Investors

Bainco International Investors, LLC is a privately owned investment manager. The firm also provides financial advisory services to its clients. The firm invests in the public equity and fixed income markets across the globe. Bainco International Investors, LLC was founded in 1987 and is based in Wellesley, Massachusetts. For more information visit www.bainco.com

About Clean Energy Venture Group

Clean Energy Venture Group is an angel investment group that provides seed capital and management expertise to early stage clean energy companies. The group is comprised of seasoned operating executives with strong capabilities in the energy and environmental sectors.

For more information visit www.cleanenergyvg.com