Outsmart raises $2 million seed round from Bainco, Clean Energy Venture Group, and Manifold Products. OutSmart, based in Natick, Mass. is a spinoff of Manifold Products LLC, a Boston-based venture engineering firm that develops products in the sensor, consumer electronics, medical devices and consumables markets.
Funding came from Bainco International Investors of Wellesley, The Clean Energy Venture Group of Brookline and Manifold Products. Prior to this round, OutSmart had received $500,000 from its original parent company, venture engineering firm Manifold Products LLC of Natick.
"The network is literally connected to everything of value in a facility, except the people,” said OutSmart co-founder and CEO Kevin Johnson
OutSmart Power Systems turns a building’s existing wiring infrastructure into a real-time power management network. The intelligent system knows exactly where and how much electricity is being used which enables building owners and facility managers to achieve a new level of measurement, management and control of their energy costs, asset utilization and comfort.
OutSmart is a spin-off from Manifold Products - Boston’s leading venture engineering firm.
OutSmart’s technology is for converting the electric systems of campuses and other commercial facilities into communications networks – basically a local area network (LAN) – using broadband over power lines technology and running smart grid applications and other power management systems.