Control4 secures $17.3m in venture capital to fund smart grid product initiatives

8th July 2009

Control4, a provider of energy efficient home control and entertainment systems, has secured an additional $17.3m in equity financing. Best Buy Capital, Mercato Partners and University Venture Fund join current investors Foundation Capital, Frazier Technology Ventures, Thomas Weisel Venture Partners and vSpring Capital to accelerate Control4’s development in energy management systems and home energy.

A portion of the financing will be used to extend Control4’s sales channels, according to a statement.

‘Our innovative home automation and energy management solutions provide exciting new energy monitoring and control capabilities that meet the needs of utilities and energy-conscious consumers,’ said Will West, CEO at Control4. ‘This funding will help us maximize this new market opportunity by advancing Control4’s ability to control and integrate with other devices in any residence or business connected to a smart grid. With this financing, we can increase our resources to deliver products desired by homeowners, businesses and utility companies alike.’

Jesse Berst, managing director, Global Smart Energy, said, ‘The key to reaching this potential will be to deliver a compelling reason for consumers to embrace home area networks. Control4 has the best answer we have seen so far. The company combines technical specs robust enough for the savvy consumer, applications cool enough to make any neighbor jealous and a simple interface that even a grown-up can master.’

The Energy Information Administration estimates that by 2030, the home office, family entertainment center and other electronic devices will require more power than refrigeration, air conditioning and heating combined. To meet this demand, investment in smart meters and infrastructure measures in the billions.

‘Control4 is uniquely positioned in a great market. The company’s expertise and momentum in the home area network make Control4 an obvious choice for investment,’ said Alan Hall, Mercato Partners managing director. ‘With established and expanding sales channels, growing revenues and a strong dealer support network, Control4 is positioned to lead rapid growth in the Advanced Metering Infrastructure area and herald the adoption of energy management systems.’

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