Glen Mills, PA and Durham, NC – August 20, 2013 – SJF Ventures announced today it has invested in Versify Solutions, Inc., a SaaS-based energy asset optimization platform for the utility and power industry. SJF led Versify’s Series C growth capital financing and existing investors also participated in the round including Potomac Energy Fund. The financing will be used to expand the company’s sales efforts and provide customer support in meeting current market demand.
Versify has developed proprietary software that integrates data from a wide variety of third party operations systems and marries the information with dynamic market data in a powerful analytics platform. The robust set of real-time and predictive applications enable both asset owners and plant operators to make collective, informed decisions that maximize profits for individual plants or portfolios of energy assets. The company also offers complementary software products that address NERC and FERC compliance requirements as well as sophisticated, predictive modeling tools for energy traders. Versify’s suite of applications include: V-PERFORMACE®, V-RENEW®, V-TRADER®/SmartStat® and NETcompliance®.
Versify is helping manage assets at some of the largest utilities and independent power producersin the country, including Constellation Energy, Duke, Iberdrola, LS Power, Xcel, Acciona, and Edison Mission. The average customer reports a 7x payback on the software installation, and several customers have reported significantly higher ROI’s.
“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.”
“Versify is excited to be partnering with SJF Ventures on this next phase of growth,” said Pete Cona, CEO of Versify. “We share SJF’s interest in building a company that will help solve national energy challenges with validated, commercially-ready solutions that can maximize the potential of the existing asset infrastructure.”
Versify Solutions Inc. develops leading software and services for professionals in the power industry who demand a constant flow of data to efficiently navigate an increasingly dynamic sector. Versify products offer energy traders and generators better information, empowering them to perform at the highest levels. Utilized by some of the world’s largest energy companies and trading desks, Versify offers a unique portfolio of analytical applications and services providing key insights into generation performance, NERC compliance, and trading market opportunities.
About SJF Ventures
SJF Ventures is a venture capital fund with offices in Durham, NC, New York and San Francisco. SJF has a 14-year successful record of assisting visionary and talented management teams in building industry-leading firms. SJF provides strong expertise and networks in the resource efficiency, sustainability and tech-enhanced services sectors. For more information visit www.sjfventures.com.
Pete Cona, CEO
Versify Solutions, Inc.
Cody Nystrom, Managing Director