14 Comments

Summary:

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 […]

tendrildashboardThere 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.

  1. [...] is increasingly acting as a consultant to utilities rolling out smart meter trials, so all those energy management tool makers should probably be really nice to Silver Spring if they want to work on more utility [...]

    Share
  2. [...] in Energy It’s the week of investors realizing the potential of energy management tools. On Tuesday Tendril announced a $30 million round of funding, and on Wednesday Cambridge, UK-based AlertMe says it has raised £8 million [...]

    Share
  3. [...] Katie Fehrenbacher No Comments Posted June 11th, 2009 at 5:00 am in Energy Energy management startups Tendril and AlertMe both announced this week that the companies had raised significant funds for pretty [...]

    Share
  4. Broken link on Tendril in story body 1st para – think you forgot the http://… :)

    Share
  5. [...] buying — home energy management tools. In contrast to relatively unknown young startups like Tendril, AlertMe, or EnergyHub, Linksys broadband hardware is available at retailers all over the U.S. and [...]

    Share
  6. [...] buying — home energy management tools. In contrast to relatively unknown young startups like Tendril, AlertMe, or EnergyHub, Linksys broadband hardware is available at retailers all over the U.S. and [...]

    Share
  7. [...] building energy management software and hardware — like Google, Microsoft, eMeter, GE and Tendril — Control4 approaches the market with a little bit different perspective than those big [...]

    Share
  8. [...] connect with the grid so that utilities can turn them down during peak electricity hours? One answer will come from Tendril, the five-year-old Boulder, Colo.-based startup that has developed energy management software and [...]

    Share
  9. [...] conference in March, comes from Tendril — a 5-year-old Boulder, Colorado-based company that recently raised $30 million. (Updated) The app will be available to both select utility customers and consumers in 2010, [...]

    Share

Comments have been disabled for this post