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, 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.
"We are very pleased to be working with investors who understand the value proposition and market potential of our business and are committed to successfully growing companies that can make a real impact on global climate change and the emerging green economy," said Pratap Mukherjee, CEO of Sustainable Spaces. "There are more than 70 million single-family, owner-occupied homes in the U.S. and they typically use one and a half to two times the energy required to achieve the homeowners’ desired level of comfort. Finding the causes of wasted energy in homes and fixing the underlying problems represent the single most potent and cost-effective measure we can take to combat global warming."
"Sustainable Spaces has created a compelling value proposition for homeowners," said Chuck McDermott of RockPort Capital Partners. "By addressing each individual homeowner’s concerns and constructing an improvement roadmap customized to that customer, they can work within any homeowner’s budget to reduce their bills and make an impact on global climate change. Our investment enables the company to further increase the tremendous results they have seen in their local market and expand their programs into new markets."
"There’s a massive opportunity to create the trusted brand in home performance to help homeowners sort through the dizzying array of green products and services in the most cost-effective way possible," said Tod Francis of Shasta Ventures. "Sustainable Spaces has been leading the way with a track record of providing a very high quality service enabled by leading building science know-how. We are very excited to be working with the company on the ground floor of this growing sector."
Sustainable Spaces is a licensed general and solar contractor and provides home testing and building performance retrofitting for existing homes to create environments that are comfortable, healthy, and energy efficient. The company has performed more than 400 home retrofits in the San Francisco Bay Area since its founding in 2004 and has been recognized by the U.S. Green Building Council as the case study in its REGREEN Green Remodeling Best Practice Guidelines.