Smart grid: eMeter secures $12.5 million in latest funding round

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San Mateo, Calif., July 8, 2010 – 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.

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 enterprise software veteran Gary Bloom as CEO, while continuing to show growth working with leading technology partners, such as IBM, Intergraph, SAP and Siemens.

The company has also signed 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, and is responsible for over 6 million utility customers across Finland, Sweden, Germany, Poland and the Netherlands.


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