September 22, 1999
Woodside Fund Energizes Second
Round Financing for Automated Power Exchange
Woodside, CA – Woodside Fund is the co-lead investor in a $15.5
million second round financing for Automated Power Exchange (APX).
To further fortify the company for rapid growth as a result of the
deregulation underway in the utility industry, Woodside Fund Managing
Partner Bob Larson has joined APX’s board of directors.
APX operates Internet-based exchanges for the buying and selling
of electricity, energy transmission, and related products. APX,
which is privately held and headquartered in Cupertino, CA, offers
buyers and sellers the benefits of standardized electricity markets
around the world. It is the only exchange provider to offer a full-service
approach that includes scheduling, credit management, settlement,
and true price discovery while maintaining the anonymity of the
APX currently operates electricity exchanges in California and
Ohio. The second round of financing enables APX to open New York
and Illinois exchanges, continue expansion plans for other states
and countries and to further expand its on-line service portfolio.
"APX is an attractive investment because of its leadership
position in this large and rapidly expanding US market, and the
strength of its management team," says Bob Larson, Woodside
Fund Managing Director. "We are pleased to be actively involved
in contributing to their on-going success as they continue to provide
a valuable service that benefits the utility industry and consumers."
Wooside Fund is a leading venture capital firm with a successful
sixteen-year track record of investing in early stage technology
ventures. Woodside Fund principals offer decades of experience starting
and running businesses, which further enables them to actively contribute
to the development and success of portfolio companies.
Other investors in this round of financing for APX include co-lead
Kinetic Ventures, Onset Ventures, and three leaders in the electricity
industry, Commonwealth Edison Co., Chicago, Ill., FirstEnergy Corp.,
Akron, Ohio, and Bechtel Enterprises Inc., San Francisco. Commonwealth
Edison (ComEd) and FirstEnergy both made passive, non-voting equity
investments in the company.