08 Apr Massachusetts tech company raises $23 million for European expansion
It is no secret that the tech industry in Massachusetts is currently booming, with the state beginning to rival Silicon Valley in the IT world. More and more people in Massachusetts are getting jobs in some kind of tech field, as the industry accounts for 20 percent of all working adults across the entire state. The tech world is truly the way of the future for residents of Massachusetts.
With business so good, many Massachusetts-based tech companies are looking to expand their reach on both the national and international stage. This is certainly the case for FirstFuelSoftware, a company with its headquarters in Lexington, Massachusetts. FirstFuelSoftware announced earlier this week that it has raised $23 million in venture capital funds to bankroll an expansion into Europe.
The technology created by FirstFuelSoftware analyzes the energy use of individual buildings, which gives utilities the chance to see where cuts can be made in order to make the structures more energy-efficient. Those who provide power to these buildings can use the findings to push for energy-efficiency upgrades and better address areas that consume the most power.
This is essential software, as more than two dozen states across the country have passed environmental rules that require utilities to hit certain targets for improving their energy efficiency. With this new venture capital money, FirstFuelSoftware will be able to take their technology to London, as the European Union is working to strengthen its energy laws as well.
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