Last week a $500,000 Renewable Energy Fund loan from the Rhode Island Economic Development Corporation sparked UtiliData Inc., a Washington-based firm that develops automated technology to manage energy flow across the utility grid, to pack up and move its company across the country to New England. Now, less than seven days later, UtiliData Inc., has secured another round of funding, this time from a venture capital firm, Braemer Energy Ventures.

UtiliData was able to secure an undisclosed amount of money from Boston’s Braemer Energy Ventures, which will now be a majority owner of UtiliData. Braemer Energy Ventures, formed in 2002, has been investing in the energy technology area for more than 20 years.

The company says they focus “exclusively on venture capital opportunities in the energy sector” and has a background to find “select promising young companies, bring them into the larger energy world, and guide them to reach their full potential.”

UtiliData said they could not be happier with the new relationship formed between itself and Braemer Energy Ventures. “We are extremely excited to welcome Braemer Energy Ventures to our team at UtiliData. With an established portfolio and network in energy efficiency and grid technology, coupled with their regulatory experience, their strategic partnership will be invaluable as UtiliData continues to bring scalable, world-class product to our large utility and industrial clients,” said Ron Decker, CEO of UtiliData.

According to UtiliData, the firm plans to bring a handful of new jobs to Rhode Island this year and then add on almost 50 more additional full-time employees by 2015. “UtiliData is exactly the type of company we want to attract to relocate and expand in Rhode Island, bringing good, high-paying jobs to our state,” said Governor Lincoln Chafee.

Scott DePasquale, partner at Braemer Energy Ventures and now UtiliData board of directors chairman, said UtiliData is offering consumers technology that is currently in high demand.

“The market has been telling us it needs smart grid solutions that are lower cost, less disruptive, and more economic while still accomplishing the objectives of reducing loses and strengthening the reliability of the aging infrastructure. UtiliData’s platform allows for just that, with significant efficiency gains over traditional voltage optimization that makes the business case much more impactful to the consumer, utility, and regulator,” said DePasquale.

Using the Renewable Energy Fund that UtiliData just received and the investment from Braemer Energy Ventures, UtiliData hopes to continue to develop its products and show successful growth.