State-run program to invest $500,000 in energy management firm

A state-run venture capital program is investing $500,000 in an energy management firm.

A state-run venture capital program has invested $500,000 in Blue Pillar, an energy management system firm that is moving its headquarters from Indianapolis to Frederick as part of the deal.

The Maryland Venture Fund, a venture capital program under the Maryland Department of Business and Economic Development that gets about a third of its money from the state and the rest from private firms, announced the deal Monday.

Blue Pillar offers software to help organizations improve energy efficiency, in part through what is known as the Internet of Things, or IoT. The concept refers to technology to allow devices or machines to communicate with each other, often through sensors. In the energy sector, IoT solutions can allow devices like lights and HVAC systems to communicate with the electrical grid. It can also be used to create automated lighting, heating and ventilation, and home security.

Blue Pillar has existing offices in Frederick. The investment was part of a $14.6 million fundraising round.

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