Phoenix Energy Technologies Completes Growth Equity Funding

by Katie Lee

Aliso Viejo, Calif. — Phoenix Energy Technologies (PhoenixET), an IOT business intelligence analytics company and leader in smart buildings, has raised growth capital to accelerate product development and facilitate entry into additional markets. Spring Lake Equity Partners and Energy Innovation Capital (EIC) led the round in partnership with management and join PhoenixET’s existing shareholders including Duke Energy.

“This investment will strengthen our value proposition for customers and support our continued rapid growth,” says CEO Glen Schrank. “With this investment, Phoenix Energy Technologies is poised to further enhance our offerings across the retail, grocery, healthcare and other commercial and institutional markets.”

“Taking steps to reduce facility energy use by leveraging data and analytics, from building systems and IoT devices, is both an opportunity to reduce costs and a strategic imperative for facility operators,” says Bob Forlenza, a managing partner at Spring Lake Equity Partners.

“PhoenixET empowers multi-location businesses to optimize energy use across their facilities,” says Ben Abadi, a managing director at EIC. “The company’s software is gaining market share by uniquely providing enterprise visibility, control, and analytics across disparate locations and hardware platforms.”

PhoenixET has been providing Smart Building IoT analytics solutions to customers for over 15 years. PhoenixET’s industry expertise paired with the capability of connecting to building systems and equipment without additional hardware, brings together actionable data into a standardized web-based platform. The company’s EnterpriseDX IoT data platform generates ROI for customers by optimizing equipment efficiency that reduces energy costs, decreases repair and maintenance spend, and lowers capex by extending the life of assets. For more information, visit

Spring Lake Equity Partners is a Boston-based growth equity firm. The firm invests equity capital primarily in later-stage, technology-oriented private companies in software, digital media, mobile, data center infrastructure, healthcare IT, and business/financial services.

Energy Innovation Capital is the preferred partner and premier capital provider for innovators serving the energy industry. EIC bridges the energy and innovation ecosystems to support companies that drive operational efficiency, safety and sustainability in the global oil, gas and power sectors.

Duke Energy, a Fortune 125 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S.



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