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Providence, R.I.-based Utilidata Inc., a supplier of voltage optimization and digital automation systems for the electric utility industry, has secured more than $20 million in Series B financing.

According to Utilidata, venture capital firm Formation 8 Partners and Saudi Aramco Energy Ventures led the round and were joined by existing investors Braemar Energy Ventures and utility American Electric Power.

The company says the funding will allow it to bring new products related to digital automation, voltage optimization and systems management to market. Utilidata adds that the funding will help expand its presence in North America, Asia and the Middle East.

Jim Kin, Formation 8 founder, will join Utilidata's board of directors, the company notes.


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