There are more than a dozen companies building and launching energy management tools this year, but not all are as well-funded as Boulder, Colo.-based startup Tendril. This morning the company said it has raised a third round of funding, of $30 million. The 5-year-old company sells a suite of energy management hardware and software designed to help utilities and consumers communicate, including a wireless in-home energy display, a smart thermostat, a web-based energy portal, smart outlets and cell phone apps.
Unlike some of the other companies working on smart energy tools, Tendril is already selling to utilities. And with this latest round of venture capital funding — led by VantagePoint Venture Partners and joined by Good Energies — Tendril hopes to scale up its current services to meet the sudden interest in its products. It also plans to invest in new partnerships with device makers, appliance manufacturers, meter vendors and app developers.
Tendril CEO Adrian Tuck said in a release about the funding today, which adds to the $12 million in Series B the company announced last year, “We are seeing an explosion of business and are excited to quickly move into this next stage of growth and customer adoption.”
Of course, scaling up will not be without its hurdles. Tendril has a pack of other hungry energy management startups breathing down its neck for utilities’ business, stimulus-backed project deals and key partnerships. So if the startup needs this $30 million to expand quickly, the investment couldn’t have come too soon.