Automated Power Exchange (APX) secured $15.5 million in equity funding to finance its plans to roll out additional exchanges in the United States and international markets.
Currently, APX operates exchanges in California and Ohio, with New York and Illinois exchanges set to open this fall. In September, APX opened an office in Las Vegas to serve Nevada, Arizona, New Mexico, and Texas as these states prepare for restructuring.
The equity funding also allows APX to expand its on-line service portfolio, said CEO Ed Cazalet.
Kinetic Ventures led the funding, and other venture investors included Woodside Fund, Onset Ventures, Technology Partners, Q Investments. Corporate investors included Commonwealth Edison, FirstEnergy and Bechtel Enterprises.
