Amadeus Capital Partners leads $5.5m financing for green computation company AMEE

8 February 2010

European technology investor Amadeus Capital Partners has led a $5.5m Series B financing for greenhouse gas computing company AMEE. Existing investors including O’Reilly AlphaTech Ventures and Union Square Ventures also participated in the financing.

The funding will be used to expand AMEE’s geographic reach and enrich its scientific platform, the company said.

AMEE’s engine is used by vendors of business intelligence software, governments and multi-nationals needing to measure emissions. Some companies using the product include the SAS and the UK Government’s Department of Energy and Climate Change (DECC). AMEE’s end market is enterprise carbon accounting, which is expected to reach $4bn by 2017, driven by increasing regulatory and consumer pressure to combat climate change.

Gavin Starks, CEO of AMEE said, ‘AMEE addresses core needs of trust, accuracy and auditability in this market and this funding will catalyse our deployment.’

AMEE said it has codified the major greenhouse gas standards together with their computational models and emission factors into an engine available to clients via a web-based Application Programming Interface (API). Its search engine also enables discovery of greenhouse gas standards and emission factors, while tracking provenance and providing a full audit trail for carbon accounting practitioners, said the company.

Pat Burtis, investment manager at Amadeus and member of AMEE’s board said, ‘AMEE has recognised a clear and present need in the carbon accounting market and moved quickly to fill the gap. AMEE’s team has an exceptional combination of scientific, software and web expertise and we are delighted to be part of their exciting growth story.’

Legal advisers on the funding were Gunderson Dettmer for Amadeus and Cooley Godward for AMEE. In addition to venture backing, AMEE is also backed by ex Yahoo angel investor Toby Coppel, Good Energies’ angel investor George Coelho and angel investors Saul Klein, Afshin Rabbani and Alex Code.

Founded in 1997 Amadeus Capital Partners’ portfolio of cleantech companies includes GreenRoad, Nujira and Edgeware. Amadeus is a technology venture capital firm that backs companies across the technology spectrum. Global businesses built by Amadeus include single chip bluetooth radio producer Cambridge Silicon Radio and genetic analysis system developer Solexa.

Copyright © 2010 NewNet

Tags: energy efficiency, greenhouse gas computing

This story was published on Monday, February 8th, 2010 at 11:51 am and is filed under Europe, deals, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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