eMeter, a San Mateo, California-based smart grid management software company, announced earlier this month that it closed a $12.5 million round of private financing. This round was led by previous eMeter investors Sequoia Capital and Foundation Capital, and joined by new investor Northgate Capital.
The company said that it will use the new funding to expand its sales and marketing efforts in key markets, enhance services to current customers, and continue investing in new products. eMeter currently provides a software platform and applications that enables electric, gas and water utilities to achieve large-scale smart grid deployments. The company states that it currently has more than 24 million meters under contract.
Gary Bloom, CEO of eMeter, said, “As a result of our maniacal focus on the customer, the eMeter platform is being used in the most successful Smart Grid deployments around the world. I’m pleased to welcome Northgate Capital to our growing list of investors at a time when more and more utilities and consumers are embracing Smart Grid technology. With this additional capital, and the continued support of both Sequoia and Foundation, we have further strengthened the company for continued growth and momentum working with and educating utilities and consumers worldwide about eMeter’s unique approach to enabling the Smart Grid.”