SJF Ventures invests in Versify
SJF Ventures today announced it has invested in Versify Solutions, a SaaS (software-as-a-service)-based energy asset optimization platform for the utility and power industry. SJF led Versify’s Series C growth capital financing. Existing investors including Potomac Energy Fund also participated in the round, financial specifics of which were not disclosed.
Based in the west Philadelphia suburb of Glen Mills, PA, Versify has developed software that integrates data from a variety of third-party operations systems and marries the information with market data in an analytics platform. The real-time and predictive applications enable both asset owners and plant operators to make energy management decisions for individual plants or portfolios. The company also offers complementary software products that address NERC (North American Reliability Corporation) and FERC (Federal Energy Regulatory Commission) compliance requirements, as well as predictive modeling tools for energy traders.
Versify is helping manage assets at utilities and independent power producers including Constellation Energy, Duke, Iberdrola, LS Power, Xcel, Acciona, and Edison Mission. The average customer reports a 7x payback on the software installation, according to SJF.
SJF says the financing round for Versify will be used to expand sales efforts and provide customer support in meeting current market demand.
“Versify’s solution will be critical in helping power producers optimize existing and new power generation assets, including those with emerging technologies in renewables and distributed generation infrastructure,” said Cody Nystrom, managing director at SJF Ventures. “Its technology really addresses the ‘big data’ challenges plaguing power generation operators and enables the industry to fulfill business needs by transforming data into tangible actions that increase profits.”
Since establishing its first venture fund in 1999, SJF has provided venture financing for and assisted companies with innovative ideas in resource efficiency, sustainability and tech-enhanced services. Representative investment areas include asset recovery and reverse logistics, efficiency and infrastructure, sustainable agriculture and food safety, health and wellness, education, digital media, and technology-enhanced services. Additional companies in SJF's investment portfolio include Austin's Vital Farms, BioSurplus, groSolar, Sun & Earth, Zap, and several others.
“We share SJF’s interest in building a company that will help solve national energy challenges..." said Versify CEO Pete Cona.
Slideshow photo by alixribeiro.