June 9, 2009
Based in Boulder, Colorado, the innovative energy company, Tendril, announced that it has secured $30 million in series C funding with VantagePoint Venture Partners leading the investment. Other investors participating in this round of funding include RRE Ventures, Good Energies, and Vista Partners.
The investment was initiated because of Tendrilâ€™s new TREE platform, which is a 21st Century energy platform that has the potential to disrupt the green-tech market and change the way energy can be generated in the near future. TREE, which is short for Tendril Residential Energy Ecosystem is a system that stands between the master grid and a community that the master grid powers. This small grid is a combination of software and hardware working together and can be a key component to smart grid technology. The TREE platform allows energy companies to monitor the energy consumption for residential areas and can see how much energy a single household consumes. The TREE platform can also be used to reduce brownouts in peak energy use times by notifying households in the TREE grid and give them feedback on their energy consumption. Furthermore, should a household consume an excessive amount of energy, the power supplier can notify that household they need to reduce their energy consumption and even limit the energy they can consume.
Tendrilâ€™s TREE platform is actually based on Smart Energy. What is Smart Energy? Smart Energy, or smart grids, are grids that have the ability for power suppliers to monitor and remotely control or regulate the amount of energy a given household can use. Some smart grids can also allow power companies to remotely set the thermostats in homes or businesses to a certain temperature.
According to Adrian Tuck, Tendrilâ€™s CEO, with the new requirements to be more green, Tendril is seeing an enormous growth rate of business and the company is excited at the fact that the company can move to the next stage. In the future, smart grid technology will take center stage and will be able to make energy production more efficient and regulate energy consumption.
VantagePoint Venture Partners is a vc firm that believes in transforming companies for the 21st Century. The vc firm was founded in 1996 and has over $4.5 billion under its management. VantagePoint Venture Partnersâ€™ criteria for entrepreneurs who are seeking investments from them are that these entrepreneurs must have a technology that is innovative and will change the industry dramatically. Some companies in VantagePointâ€™s portfolio include 3VR, Adura, AlertMe, Better Place, BlackBird, ChipX, and others.
For more information about Tendril, click here.