The smart grid investing gurus at Foundation Capital and the venture firm that helped launch the likes of Cisco, Apple and Google — Sequoia Capital — have pumped more money into smart meter software maker eMeter. The 12-year-old firm, which makes software for smart meter systems, announced this morning that it has raised $12.5 million from its current investors, Foundation and Sequoia, and as well as new investor Northgate Capital.
This latest financing brings eMeter’s total funding to $69 million. That’s a sizable amount for a software maker and eMeter says it will use the new funds to expand and launch new products. It will be interesting to see what new products eMeter will launch, and last year eMeter unveiled a consumer-facing energy management product that then-CEO Cree Edwards told me would eventually deliver a substantial portion of the company’s sales.
eMeter is one of the leaders in the smart meter management space (commonly called MDMS), which also includes smart meter giant Itron and Ecologic Analytics. eMeter has a substantial customer list and has already signed up deals with a variety of large utilities including Texas-based CenterPoint, Toronto Hydro Electric System, Bluebonnet, and Vattenfall in Sweden and Finland, along with many others.
eMeter also has some big names partners, including German energy and engineering gorilla Siemens. Siemens led a $12.5 million investment in eMeter in 2008, and the two are now involved in several meter data management projects with European utilities.
Back when eMeter raised its third round, Edwards told me he thought that round would be the last private funding raised, which at the time sounded like eMeter’s next funding would come from an IPO. Well, the markets haven’t been exactly friendly to greentech IPOs (except Tesla’s) as of late, with solar maker Solyndra ditching its IPO, and Silver Spring Networks reportedly delaying theirs. More private funding was likely the company’s best bet.
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