Press Releases
eMeter Secures $32 Million in Financing from Sequoia Capital
Posted on July 22, 2009 at 7:57 am
Smart Grid Software Leader Eyes New Products, Global Acceleration as Environment Hits Center Stage
San Mateo, Calif. – July 22, 2009 – eMeter Corporation, the global leader in Smart Grid management software, today announced the close of a $32 million private financing led by Sequoia Capital and joined by existing investor, Foundation Capital. The funds will be used to accelerate eMeter’s sales and marketing in new markets, enhance services to current customers and continue investing in new products.
With over 24 million smart meters under contract with utilities worldwide, eMeter is an indispensable partner with forward-thinking utilities by providing software that is critical for successful Smart Grid deployments. The recent launch of Energy Engage™, eMeter’s breakthrough consumer engagement solution, enables utilities to empower their consumers to take an active role in managing their energy usage and reduce peak demand.
“eMeter has a tremendous future working with utilities to unleash the full benefits of the Smart Grid”, said Jim Goetz General Partner at Sequoia Capital. “We have been looking for the right opportunity to capitalize on the Smart Grid momentum and we found it in eMeter. The management team at eMeter has leveraged their domain expertise in the energy industry to build market-leading technology that will enable utilities to deploy the next generation of smart grid applications”. In conjunction with this round Jim Goetz has joined the eMeter board of directors.
“I’m pleased to welcome Sequoia to our board at this time of significant opportunity while the energy industry embraces Smart Grid technology. With this capital, and the support of both Sequoia and Foundation, we are well positioned for expansion as we capitalize on our momentum with utilities worldwide,” said Cree Edwards, CEO and founder of eMeter.
About eMeter:
eMeter’s Smart Grid management software powers smart meter deployments for the world’s leading utilities. With over 24 million meters under contract today, eMeter provides the essential software to achieve successful Smart Grid deployments. eMeter’s management team has been at the forefront of smart metering for the last 25 years and the company has built a reputation for unparalleled experience, quality, operational sophistication and professionalism that ensures customer success. For more information visit www.emeter.com.
About Sequoia Capital:
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into enduring companies. As the “Entrepreneurs Behind the Entrepreneurs”, Sequoia Capital’s Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of NetApp, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of NVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube, Dominic Orr and Keerti Melkote of Aruba Wireless Networks and Jonathan Kaplan of Pure Digital. To learn more about Sequoia Capital visit www.sequoiacap.com.
About Foundation Capital:
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet, and infrastructure; telecommunications and networking; and enterprise software and on demand services. Foundation Capital funds total more than $2.4 billion. For more information, visit www.foundationcapital.com.
