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Tendril Acquires Recurve

Tendril 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. 

SVForum Quarterly Venture Breakfast with PwC on October 18th to Focus on Smart Grid Investments


SVForum will present its next Quarterly Venture Breakfast in collaboration with PricewaterhouseCoopers (PwC) on October 18th, with a focus on the investment landscape in smart grid. 

Speakers at this event will include:

  • Matt Garratt, Battery Ventures
  • Nick Mignano, Crosslink Capital
  • Tom Solazzo, PricewaterhouseCoopers
  • Paul Straub, Claremont Creek Ventures
  • Allison Leopold Tilley, Pillsbury Winthrop (moderator)

This program will be held from 8:00 am – 10:00 am at Pillsbury Winthrop Shaw Pittman LLP, 2475 Hanover Street, Palo Alto, CA 94304.  Additional program information and registration is available here.

“Smart Grid Applied” to Take Place June 22 – 23 in Menlo Park (Discount Available)

Smart Grid Applied will take place June 22 – 23 at SRI International in Menlo Park, CA. This conference will bring together Danish industry leaders and researchers with leading technology experts from Silicon Valley and beyond to discuss opportunities for collaboration and new business.  Selected speakers include:

  • Lars Aagaard, CEO, Danish Energy Association
  • Lorie Wigle, General Manager, EcoTechnology Program, Intel
  • Martin Manniche, Chairman of the Board and CTO, GreenWave Reality

You can review additional program details on the conference website.  Thanks to our friends at Smart Grid Applied, readers of Green VC can save $100 on registration with code "GreenVC" (without the quotes).

40% Discount Available to GreenBeat (November 3-4 @ Stanford); Finalists for Innovation Competition Announced

GreenBeat 2010

Green VC is pleased to offer its readers with a last-minute discount of 40% to GreenBeat 2010, which will take place at Stanford University on November 3rd and 4th.  This event, presented by VentureBeat and SSE Labs of Stanford University, will bring together more than 400 entrepreneurs, utility executives, technology executives, policymakers, and investors to explore the evolution of the smart grid and how the new "Super Grid" is creating business opportunities in autos, energy storage, and renewables. 

Speakers at GreenBeat 2010 will include John Doerr (Partner, Kleiner Perkins Caufield & Byers) and Vinod Khosla (Partner, Khosla Ventures).  The complete agenda is here and you can view video highlights from GreenBeat 2009.

GreenBeat 2010 will also include an Innovation Competition that will highlight companies in the smart grid sector with cutting-edge business models and technologies.  The 10 finalists for this competition are:

  1. Ecofactor delivers a personalized and automated HVAC demand-response system that allows homeowners to maintain the level of comfort and convenience they’re accustomed to, without changing behavior or sacrificing control. EcoFactor makes DR programs attractive to the consumer, and more effective for utilities, all the while propelling the growth of the smart grid in the residential sector.
  2. Gridbot creates networked hardware which intelligently manages one of the largest emerging loads on the grid, electric vehicles.
  3. OpenADR provides a simple interface that facilitates real-time monitoring and control over the HVAC system and other large building loads. Its platform specifically targets peak reduction by helping the end-user implement a custom load-reduction plan that includes reducing lighting, HVAC and plug loads when a demand-response signal is sent from the utility.
  4. Optimized Energy Networks is a development company specializing in the creation of microgrid projects in a new application of the project finance model.
  5. PowerMap makes the MyPowerMap meter, which plugs into any outlet in the home and provides consumers with real-time energy consumption information for their home appliances and other electonics.
  6. Redwood Systems is pioneering a new, unified power and control architecture, purpose-built for the properties of LEDs, to dramatically improve energy efficient lighting. Leveraging technology from networking, Redwood’s solution facilitates unprecedented energy savings and greatly improves overall building performance.
  7. SmartGridView creates tools which help thinkers make sense of vast amounts of smart-grid information.
  8. World Infrastructure Technologies creates smart-grid infrastructure visualization software which displays susceptibility and reliability issues in the form of heatmaps and geo-referenced visualizations of equipment.
  9. Enbala Power Networks allows large energy users like municipal water plants to participate in an electricity management program enables them to provide services to the ISOs and RTOs — the entities responsible for operating electricity systems and markets in deregulated regions, such as Ontario, New York, New England, California, and so on.  The goal is to provide better quality and reliability of electricity delivered across the grid.
  10. The last company, an innovative powerchip developer, will be launching at GreenBeat 2010.

To receive the 40% discount for GreenBeat 2010 please use code "GBOFFER" (without the quotes) when registering

GreenBeat 2010 is November 3 – 4 at Stanford University (Discount Available)

GreenBeat 2010

UPDATE: A last-minute 40% registration discount is available here.

VentureBeat and SSE Labs of Stanford University will present GreenBeat 2010 at Stanford University on November 3rd and 4th.  This event will bring together more than 400 entrepreneurs, utility executives, technology executives, policymakers, and investors to explore the evolution of the smart grid and how the new "Super Grid" is creating business opportunities in autos, energy storage, and renewables. 

Speakers at GreenBeat 2010 will include John Doerr (Partner, Kleiner Perkins Caufield & Byers) and Vinod Khosla (Partner, Khosla Ventures).  The complete agenda is here and you can view video highlights from GreenBeat 2009.

GreenBeat 2010 will also include an Innovation Competition that will highlight companies in the smart grid sector with cutting-edge business models and technologies.  The application deadline is Octobe 21 and entrepreneurs can learn more about the competition here.

Through October 15th there is a 30% early-bird discount.  After that date, readers of Green VC can receive a 20% discount by using code "GREENVCVIP" (without the quotes) when registering

Discount Available to GridWeek 2010

GridWeek 2010 will take place from October 18 - 21 at the Walter E Washington Convention Center in Washington, DC. This event focuses on the Smart Grid and will include 40 educational sessions and more than 150 speakers.  Thanks to our friends at GridWeek, readers of Green VC can receive a special registration discount by visiting this page.

The following videos provide some highlights from the 2009 event.

For more information:

Nexant Receives $43 Million in Financing

Nexant Nexant, a San Francisco-based provider of intelligent grid software and clean energy solutions, announced today that Oak Investment Partners and Intel Capital, along with existing investors TeleSoft and Beacon, have invested $43 million in new capital to fund the company’s growth and expansion.

Nexant provides software and systems to meet a variety of needs in operating and improving the efficiency of the electric grid.  Nexant also provides technical, operational, and strategic consulting services to utilities, and oil, gas, and chemical companies.

"The markets for energy efficiency, renewables, and carbon management worldwide—areas in which Nexant excels—represent an enormous opportunity which Nexant is exceptionally well-positioned to lead," said Arjun Gupta, Nexant Executive Chairman.  "This new capital will enable us to develop and deploy our new platform, GridSmart®, and multiple new applications like TrakSmart for the next-generation power grid.  In addition, we will strengthen and expand our Chemsystems offerings worldwide."

"Our clean energy investment strategy targets companies that deliver solutions designed to increase the overall efficiency of the energy market," explained Bandel Carano, Managing Partner of Oak Investment Partners.  "We identified Nexant as a successful and profitable company that is ready to be taken to the next level.  We recognize Nexant’s unique combination of software and services, together with its global customer base, have enormous potential to revolutionize key segments of the energy business. This funding provides additional resources for Nexant to accelerate development of its offerings and grow its market share significantly."

"In its first decade, Nexant has evolved into a recognized global leader in the energy and chemical industries, with thousands of successful deployments around the world," said Basem Sarandah, Nexant founder and President. "As we enter our second decade, we look forward to working with Oak, Intel, TeleSoft, and Beacon on the many new opportunities ahead."

"As global data center energy consumption soars, utilities are increasingly looking at technologies that could bring about big energy savings to relieve pressure on their grids,” said Steve Eichenlaub, Managing Director, Intel Capital. “Nexant's established presence in the energy software and services space has given the company a deep understanding of the many complex issues facing public and private sector participants in the energy industry. Intel Capital's investment, combined with collaboration with Intel, aims to further define and expand Nexant's data center efficiency offerings by pairing Nexant's established relationships in the utility sector with Intel's deep knowledge of datacenter technologies."

Grid2Home Receives Seed Funding

Grid2Home Grid2Home, a San Diego, California-based communications software company in the smart grid sector, announced earlier this month that it completed a round of seed funding led by Granite Ventures. The company said it will use the funds to customize its G2H-SE2 Software for multiple platforms and expand its business across the Smart Grid home automation network (HAN) ecosystem.

The company announced that Doug Rasor has joined Grid2Home as Chairman of the Board of Directors and Rick Kornfeld has joined as President and CEO.

"Granite Ventures invested in Grid2Home because they not only have a robust product that is necessary in the emerging Smart Grid market, but they have put together a management team with a track record of driving start-up companies to market success," said Sam Kingsland, Managing Director of Granite Ventures and member of the Grid2Home Board of Directors.

"I am excited to be a part of Grid2Home," stated Doug Rasor. "The G2H-SE2 Software is unlike any other in that it works with the full range of Smart Grid standards-based physical layers, semiconductor platforms and devices. This gives Grid2Home customers a competitive advantage when it comes to interoperability and time to market."

"The Smart Grid market is a fast growing and exciting technology market that is vital for our national economy and the environment worldwide," stated Mr. Kornfeld. "The Grid2Home team has demonstrated remarkable technical skill and market vision, and I look forward to leading them on to growth and success in the Smart Grid space."

Arch Rock Acquired by Cisco

Cisco recently announced that it intends to acquire Arch Rock Corporation, a San Francisco-based company that has developed Internet Protocol (IP)-based wireless network technology for smart-grid applications. Financial terms of the transaction were not disclosed. The acquisition is subject to various standard closing conditions and is expected to be complete in the second half of calendar year 2010. Upon the close of the acquisition, the Arch Rock team will become part of Cisco's Smart Grid business unit.  New Enterprise Associates, Shasta Ventures, and Intel Capital are investors in Arch Rock.

Arch Rock's technology is designed to enable utilities to connect smart meters and other distributed intelligent devices over a scalable, highly secure, multi-way wireless mesh network.  Cisco said that this acquisition complements the strategic alliance between Itron and Cisco (announced earlier this month) to develop solutions that enhance smart-metering technology.

"Arch Rock's wireless mesh technology enhances Cisco's IP-based, end-to-end smart-grid offerings," said Laura Ipsen, senior vice president and general manager of Cisco's Smart Grid business unit.  "This acquisition further positions Cisco as a strategic partner to utilities working to better manage power supply and demand, improve the security and reliability of energy delivery, and optimize operational costs."

Viridity Software Raises $8 Million in Series B Funding

Viridity Software, a Burlington, Massachusetts-based company that provides software to increase the energy efficiency and productivity of data centers, announced last week that it raised $8 million in Series B funding from current investors Battery Ventures and North Bridge Venture Partners.  Viridity previously raised $7 million in a series A round. 

The company said that it will use the funds to expand the development of its software platform (called EnergyCenter) and accelerate its go-to-market activities.  The following video provides an overview of Viridity's EnergyCenter:

“Viridity has tapped into what we believe is a large, growing and prime market opportunity,” said Jamie Goldstein, North Bridge Venture Partners.  “That is, the need for business organizations to take control of the uncontrollable time and expense associated with managing data center power and cooling.”

“We have been very impressed with the extraordinary progress Viridity Software has made to date,” said Sunil Dhaliwal, Battery Ventures.  “The additional funds underscore our unyielding confidence in the future of the energy resource management space, as well as Viridity’s ability to lead it from both a technology innovation and world-class customer service and support standpoint.”

“We are honored to have venture capital firms of Battery Ventures and North Bridge Venture Partners caliber as our investors and as members of our Board of Directors.  They are organizations that are synonymous with innovation, creating value and enormous success,” said Bob Steinkrauss, President and CEO, Viridity Software.

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