Draker Labs, a provider of turnkey monitoring systems for large commercial- and utility-scale solar photovoltaic systems, has completed a new round of equity funding. According to the company, the equity funding is being invested in new technology development focused on scaling Draker's current products and services to meet the needs of the rapidly emerging utility-scale market.
The equity funding will also be used to add engineers, project managers, and field services and customer-support personnel to effectively manage the growing fleet of solar projects that Draker has under management.
Harbor Light Capital Partners, a private investment firm based in Keene, N.H., led the $3 million round. Other major participants included existing Draker investors FreshTracks Capital and Campbell Scientific. In addition to the equity investment, Draker says it has secured a new $1.5 million credit facility to help the company manage its working capital requirements.
As part of the new equity round, Todd Warden, managing partner at Harbor Light, was elected to Draker's board of directors.