San Mateo, California-based eMeter Corporation, a company developing smart grid management software, closed a $32 million financing round 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 and continue investing in new products.
eMeter has more than 24 million smart meters under contract with utilities worldwide and recently launched its Energy Engage™ application, which enables utility customers to actively manage their energy usage and reduce peak demand.
In February, Houston-based CenterPoint Energy (NYSE: CNP) selected eMeter to supply its EnergyIP meter data management system (MDMS) for the roll-out of two million smart meters to begin in March 2009.
In April 2008, eMeter raised $12.5 million in a second round of funding led by Siemens Corporation (NYSE:SI).
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