• Siemens Corporation leads funding for SmartGrid software provider
REDWOOD CITY, CA, April 7, 2008 -- eMeter Corporation announced it has completed a $12.5 million funding round led by Siemens Corporation and joined by existing investors, Foundation Capital, and DBL Investors. With 20 million meters under contract, eMeter Corporation of San Mateo, California, provides Meter Data Management (MDM) software that enables electric, gas, and water utilities to realize the full benefits of their Advanced Metering and Smart Grid initiatives.
"eMeter is the leading provider of MDM software and has a product (EnergyIP™) with a modern architecture, proven scalability, and leading functionality that enables utility customers to remain AMI vendor neutral," said Ralf Christian, CEO of the Power Distribution Division, Siemens Sector Energy. "Coupling this technology with our global sales coverage will provide utilities with a reliable cornerstone for their SmartGrid investments. The information held in the MDM can then be exploited across a utility's operations together with Siemens' broad portfolio of power distribution solutions."
EnergyIP, is a Meter Data Management System with three major elements. It begins with a full suite of Meter Data Management functions to allow timely and accurate data collection and management, complete with all of the necessary processes to prepare data for billing. EnergyIP includes a powerful Integration Platform that can link various advanced meter (AMI) systems to diverse utility information systems including delivering new Smart Grid functionality for managing electric distribution networks. The third feature of EnergyIP is production-oriented Business Process Management Tools for AMI implementation, operations, and maintenance.
"This new capital will allow us to invest in our core software and infrastructure and pursue potential strategic initiatives, without compromising our meter product independence," said Cree Edwards, CEO and Founder of eMeter. "This independence ensures that our utility customers can buy whatever AMI technology they desire -- a key need in the rapidly evolving Smart Grid market."
"We chose to increase our investment in eMeter not only because of its leading position in the rapidly growing energy efficiency market, but because they are an industry thought leader that can catalyze faster adoption of sustainable utility initiatives," said Nancy Pfund, Managing Partner, DBL Investors. "We see eMeter strategically positioned in what is a multi-billion, multi-year global market opportunity."
With 20 million meters under contract, eMeter Corporation of San Mateo, California, provides software that enables electric, gas, and water utilities to realize the full benefits of their Advanced Metering and Smart Grid initiatives.
Siemens AG is a global powerhouse in electronics and electrical engineering, and operates in the industry, energy, and healthcare sectors.
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities.
DBL Investors is an independent investment firm focused on delivering strong financial returns together with positive social, environmental, and economic impacts.