eMeter Secures $32M Through a Financing Round Led by Sequoia Capital

Smart Grid Software Leader Eyes New Products, Global Acceleration as Environment Hits Center Stage

eMeter Corporation, the global leader in Smart Grid management software, today announced the close of a $32 million private financing led by Sequoia Capital and joined by existing investor, Foundation Capital. The funds will be used to accelerate eMeter’s sales and marketing in new markets, enhance services to current customers and continue investing in new products.

With over 24 million smart meters under contract with utilities worldwide, eMeter is an indispensable partner with forward-thinking utilities by providing software that is critical for successful Smart Grid deployments. The recent launch of Energy Engage™, eMeter’s breakthrough consumer engagement solution, enables utilities to empower their consumers to take an active role in managing their energy usage and reduce peak demand.

“eMeter has a tremendous future working with utilities to unleash the full benefits of the Smart Grid”, said Jim Goetz General Partner at Sequoia Capital. “We have been looking for the right opportunity to capitalize on the Smart Grid momentum and we found it in eMeter. The management team at eMeter has leveraged their domain expertise in the energy industry to build market-leading technology that will enable utilities to deploy the next generation of smart grid applications”. In conjunction with this round Jim Goetz has joined the eMeter board of directors.

“I’m pleased to welcome Sequoia to our board at this time of significant opportunity while the energy industry embraces Smart Grid technology. With this capital, and the support of both Sequoia and Foundation, we are well positioned for expansion as we capitalize on our momentum with utilities worldwide.” said Cree Edwards, CEO and founder of eMeter.

http://www.emeter.com/