Tendril, a company that provides technology-based services for energy providers, recently announced it acquired specific intellectual property from Recurve, a San Francisco-based company that makes software for contractors who perform home energy audits and residential retrofits. Tendril stated that Recurve’s current employees will become part of the company's new West Coast operations and Andy Leventhal (Recurve's CEO) will join the Tendril management team. Financial terms of the transaction were not disclosed. Recurve was venture-backed and originally known as Sustainable Spaces (prior Green VC coverage available here).
The San Francisco office will be Tendril’s fourth, joining its headquarters in Boulder, Colorado, and regional offices in Boston and Melbourne, Australia. Tendril plans to continue to add software development expertise to its team by hiring additional employees in the San Francisco office to support its expanding customer base. Tendril stated that it will eventually incorporate Recurve's residential energy auditing software and analytics into its cloud platform, TendrilConnect.
"This is a very organic fit," said Adrian Tuck, CEO, Tendril. "Recurve has been providing deep residential energy auditing software for years to the home energy services and retrofit industry. We're thrilled to be leveraging Recurve’s leading building modeling analytics as part of our cloud platform. This enables us to deliver more value to our customers and to add Recurve’s software development expertise to our growing ranks."
"We’re excited to join one of the fastest growing smart energy technology companies," said Andy Leventhal, CEO, Recurve. "Tendril's cloud platform has become the clear choice for utilities, industry leading companies, and application developers to connect consumers to smart energy products and services. It's exciting to have our software integrated into Tendril's powerful platform."
Tendril was founded in 2004 and has raised at least $73 million dollars from investors VantagePoint Venture Partners, Siemens Venture Capital (SVC), Good Energies, RRE Ventures, and GE. Recurve is Tendril’s second acquisition. The company acquired GroundedPower in October 2010. Tendril CEO Andrian Tuck discusses the GroundedPower acquisition in the following video.
Recurve (formerly known as Sustainable Spaces), a San Francisco-based provider of home performance software and green energy remodeling services, recently announced that it has named Andy Leventhal as Chief Executive Officer.
Leventhal is a 25-year software entrepreneur and has worked for companies including EMC, VeriSign, Red Hat and Imperva. Most recently, he was the founder and CEO of Planet Metrics, which he successfully sold to Parametric Technology in January 2010.
"We're thrilled to add a CEO with Andy's caliber to grow Recurve to the next level. Andy has been there, done that in major market transformations in IT storage, data security, open source software and most recently as the founder of Planet Metrics, where his team figured out how to measure carbon and energy in the supply chain," said Matt Golden, founder and president of Recurve. "Our company is on its way to leading a new expansion in the home performance industry and Andy shares our vision that every contractor could benefit from our world class software and services as we take the rocket science out of building science. This is the needed boost that our maturing industry needs."
"The team at Recurve is nationally recognized for establishing and leading the home performance industry as both a quality provider of contracting and auditing services for homeowners and with software to equip any contractor with tools to move from audit to profitable, well-executed retrofit projects. Our software drives measurable financial and environmental results that every contractor needs in order to win more business from the homeowner," said Leventhal. "I am excited to draw upon my experience in leveraging the power of software to fuel the potential of this important industry."
Recurve, a San Francisco-based company that provides software and services for the home performance industry, recently announced that it secured an $8 million Series B round of financing. New investor Lowe’s Companies joins existing investors RockPort Capital Partners and Shasta Ventures in the financing. The company said that it will use the new funds to meet the growing demand and expedite the distribution of its software suite to the home performance industry.
“Recurve has been a leader in the national home performance industry over the past six years and now we’re poised for significant growth along with the industry,” said Pratap Mukherjee, CEO, Recurve. “We’re pleased to have continued support from RockPort Capital and Shasta Ventures and are extremely excited to welcome new support from Lowe’s. Lowe’s 60-year history in the home improvement industry will be valuable in shaping Recurve’s growth.”
“Since our original investment in Recurve a year and a half ago, the market for energy efficiency has taken off and Recurve has made substantial progress in developing and launching their unique software solution for that market. We’re excited for the amazing possibilities this new financing offers,” said Tod Francis, managing director, Shasta Ventures.