Virtual Power Systems Raises $17 Million in Growth Capital Led by CUI Global to Speed Adoption of Software Defined Power Solutions
Funding Extends Technology Leadership and Accelerates Customer Adoption While Innovating Hyperconverged Power Infrastructures
MILPITAS, Calif., March 18, 2019 /PRNewswire/ -- Virtual Power Systems (VPS), creator of Software Defined Power® (SDP), today announced it secured $17 million in Series B Financing led by CUI Global with participation from the majority of existing investors. This round of funding will extend VPS' technology leadership while accelerating R&D and marketing efforts to convert the world's largest data centers as VPS customers.
"This latest financing reinforces investor confidence in our ability to set new standards in power infrastructure efficiency and economics," said Steve Houck, CEO of Virtual Power Systems. "As the SDP category leader, we are driving rapid market adoption through a robust ecosystem of power infrastructure hardware partners while transforming data center power management and utilization, enabling the next generation of Software Defined Data Centers."
As the pioneer in virtualizing power, VPS enables energy to be reallocated on-demand to data center racks, nodes, workloads or circuits using AI and machine learning to predict and respond to changes in power capacity and demand. SDP-enabled power components, including uninterruptible power systems, generators, power distribution units, battery backups and power supply units, can react quickly and effectively to sudden shifts and surges in power usage patterns.
"VPS and CUI share the vision that the convergence of data center power infrastructure and software will dramatically improve how energy is provisioned, managed and utilized in modern data centers," said William Clough, president, and CEO of CUI Global. "Together, we've set an aggressive pace for advancing the technology and expediting the availability of Software Defined Power technology."
In addition to CUI, VPS is collaborating with the majority of power infrastructure and IT vendors to integrate VPS Intelligent Control of Energy® (ICE) software into proven power hardware and software systems. Recent integrations with Artesyn Embedded Technologies, Schneider Electric, CE+T and VMware are examples of partnerships that will drive market and customer adoption while bringing hyperconvergence to data center power infrastructures. The result: VPS will lead dramatic innovation within power infrastructures to complete the final pillar of Software Defined Data Centers.
"SDP addresses one of the biggest challenges facing data centers today," said Jennifer Cooke, Research Director, Cloud to Edge Datacenter Trends and Strategies, at IDC. "We have witnessed how software defined and hyperconverged solutions from companies, such as VMware, Microsoft and Nutanix, have dramatically improved data center operational efficiency across compute, network and storage. VPS is pioneering a similar approach by virtualizing data center power infrastructure using machine learning and AI."
Supporting resources
- White Paper: A Transformative Approach to Power Optimization in Datacenters
- Peak-Shaving Demonstration: https://bit.ly/2U8C9in
- Dynamic Power Demonstration: https://bit.ly/2BUPxQm
- More news from VPS
About Virtual Power Systems
Virtual Power Systems (VPS) is transforming how next-generation data center and cloud providers provision, manage and utilize power capacity with its ground-breaking Software Defined Power® and Intelligent Control of Energy® (ICE) technology platform. VPS eliminates the need to over-provision power as ICE dynamically adjusts power delivery as demand fluctuates across data-center workloads, servers and racks. ICE enables data center and cloud providers to generate significant additional revenue within existing power and IT footprints while avoiding millions of dollars in capital expenditures and operating expenses. Additionally, VPS empowers enterprise customers to reduce power infrastructure wait times and costs.
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World . . . . .
CUI Global, Inc. is a publicly traded company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies. From Orbital Gas Systems' advanced GasPT® platform targeting the energy sector, to CUI Inc.'s digital power platform serving the networking and telecom space, CUI Global and its subsidiaries have built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders are able to participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most importantly, a commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community. For more information please visit www.cuiglobal.com
Important Cautions Regarding Forward Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.
For more information, contact:
Sue Hetzel/HetzelMeade Communications, Inc.
[email protected]
760.473.4729
SOURCE Virtual Power Systems
Related Links
http://www.virtualpowersystems.com
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