SimpTek Technologies raises over $700,000 in funding to expand in North American clean tech market

October 21, 2016

SimpTek Technologies, a software company providing intelligent energy management solutions for homeowners and utilities, raised over $700,000 in funding. Led by the New Brunswick Innovation Foundation, and several angel investors, this funding will help SimpTek pursue new business opportunities and expand into new markets. This funding will be used to expand the company’s technical, sales and marketing capacity, and prepare it for growth across Canada and the United States.

Founded in 2014, SimpTek has completed the first phase of its pilot program with NB Power, the electric utility for the province of New Brunswick, Canada. Next year, SimpTek will be starting pilots with various utility companies across North America.

“We’ve been extremely pleased with the results of our pilot programs to date and the positive feedback from the consumers and the utilities,” said a statement from SimpTek’s CEO and co-founder, Asif Hasan. “We are excited to build upon our success to date and to expand the team with the financial support from these investors. We want to thank them for their confidence in our company and state publicly our commitment to deliver on the promises we’ve made to build this business.”

LaBarge Weinstein acted as counsel to SimpTek with a team that included Colin Wrynn and Jordan Potechin.

 

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