San Mateo, Calif.-based eMeter Corp., a provider of smart grid management software, has closed private financing worth $32 million. The deal was 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.
‘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,’ says Jim Goetz, general partner at Sequoia Capital, who also has joined the eMeter board of directors.
With over 24 million smart meters under contract with utilities worldwide, eMeter recently launched Energy Engage, eMeter's consumer engagement solution, which enables utilities to empower customers to take an active role in managing their energy usage and reduce peak demand.