eMeter Corp. announced the close of a $12.5 million round of private financing led by longtime investors Sequoia Capital and Foundation Capital, and joined by new investor Northgate Capital looking to leverage eMeter’s providing software solutions to enable successful Smart Grid implementations. Given the exponential growth of the Smart Grid industry over the past year, eMeter will use the new funding to expand eMeter’s sales and marketing efforts in key markets, enhance services to current customers and continue investing in new products.
Since the last round of funding almost a year ago, the company has hired industry-recognized enterprise software veteran Gary Bloom as CEO, while continuing to show tremendous growth working with leading technology partners, such as IBM, Intergraph, SAP and Siemens, and signing new utility customers including Bluebonnet Electric Cooperative, Burbank Water and Power, Centerpoint Energy, Silicon Valley Power, Westar Energy, Central Vermont Power and most recently, Wabash Energy here in the U.S. Internationally, eMeter inked deals with UK-based Electralink, Ontario, Canada’s Independent Electricity System Operator, Germany’s EnBW Ostwurttemberg Donau Ries AG and Umetriq, and Vattenfall AB, Europe’s fourth largest generator of electricity and the largest producer of heat, and is responsible for over 6 million utility customers across Finland, Sweden, Germany, Poland and the Netherlands.
Gary Bloom, CEO of eMeter, said, "As a result of our maniacal focus on the customer, the eMeter platform is being used in the most successful Smart Grid deployments around the world. I’m pleased to welcome Northgate Capital to our growing list of investors at a time when more and more utilities and consumers are embracing Smart Grid technology. With this additional capital, and the continued support of both Sequoia and Foundation, we have further strengthened the company for continued growth and momentum working with and educating utilities and consumers worldwide about eMeter’s unique approach to enabling the Smart Grid."