US smart grid company Tendril Secures $30m in Series C venture funding

9 June 2009

Smart energy management company Tendril has secured $30m in Series C funding. The investment was led by cleantech investor VantagePoint Venture Partners, with other investors including Good Energies, a global investor in renewable energy and energy efficiency solutions, RRE Ventures, a builder of companies in the software, communications and financial services industries, and Vista Ventures, an early stage venture capital firm based in Boulder, Colorado.

The investment will allow the company to scale to meet increased demand for its smart energy management platform as utilities move into pilot and rollout phases, the company said. The company will also invest to build out Tendril’s growing network of partners, including in-house device and appliance manufacturers, advanced meter vendors, application developers and others.

The Tendril Residential Energy Ecosystem (TREE) is an integrated software and hardware solution that enables two-way dialogue between utilities/retailers and their customers, allowing them to manage the consumption and supply of energy in smarter, more efficient ways.

We are seeing an explosion of business and are excited to quickly move into this next stage of growth and customer adoption. Smart energy management is poised to take center stage and we see the need now more than ever for an open operating environment to enable a smart, information-driven power grid,’ said Adrian Tuck, CEO, Tendril.

‘Tendril addresses a critical need in the energy management space by delivering unprecedented transparency into how and when consumers use energy, allowing both consumers and utilities to manage power in smarter, more efficient ways. Our investment in Tendril’s residential energy management solution marks an important addition to VantagePoint’s CleanTech portfolio, and is a natural extension of our work to initiate transformation in LED lighting, lighting controls, building technologies and the smart grid,’ added Alan Salzman, CEO, VantagePoint Venture Partners.

Copyright © 2009 NewNet

Tags: smart grid, venture capital

This story was published on Tuesday, June 9th, 2009 at 4:51 pm and is filed under North America, 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.

Leave a Reply