Siemens Corporation leads funding for premier SmartGrid software provider
REDWOOD CITY, Calif.—(BUSINESS WIRE) April 6, 2008—eMeter Corporation today announced it has completed a $12.5 million funding round led by Siemens Corporation (NYSE:SI) 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 (EnergyIPtm) 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.”
About eMeter Corporation
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. EnergyIP, eMeter’s premier software platform, is a Meter Data Management System that offers a full suite of Meter Data Management functionality, an Integration Platform for linking a variety of AMI systems to a variety of utility information systems, and Business Process Management Tools specializing in AMI implementation, operations, and maintenance. eMeter’s experienced professional services team is available to plan, install, and configure the EnergyIP software, as well as provide strategic consulting services related to meter data management, advanced metering, and demand response. For more visit www.emeter.com.
Siemens AG (NYSE: SI – News) is a global powerhouse in electronics and electrical engineering, and operates in the industry, energy, and healthcare sectors. Over 160 years, Siemens has built a reputation for leading edge innovation and the quality of its products, systems, and solutions. In fiscal year 2007, Siemens reported worldwide sales of $96.6 billion, and employs 400,000 people in 190 countries. With its U.S. corporate headquarters in New York City, Siemens in the USA reported sales of $23.1 billion and employs approximately 72,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.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 $1.7 billion. For more information, visit www.foundationcapital.com.
About DBL Investors
DBL Investors is an independent investment firm focused on delivering strong financial returns together with positive social, environmental, and economic impacts. Currently, DBL Investors manages the Bay Area Equity Fund, a $75 million venture capital fund that includes a substantial focus on cleantech investments as well as investments in other high-growth sectors in which sustainable business practices can be advantageously developed. Visit www.dblinvestors.com.