Boulder, Colorado-based Tendril, a company developing energy management systems for smart grid deployment, announced Tuesday the receipt of $30 million in Series C Funding.
The company’s Tendril Residential Energy Ecosystem (TREE) is an open-platform system designed for utilities, energy retailers and their consumers.
The investment was led by VantagePoint Venture Partners and includes Good Energies, RRE Ventures, Vista Ventures and Appian Ventures.
Tendril said the investment will allow the company to scale to meet increased demand for its TREE Platform as utilities move into pilot and rollout phases. The company also said it will invest to build out Tendril’s growing network of TREE partners, including in-house device and appliance manufacturers, advanced meter vendors, application developers and others.
“We are seeing an explosion of business and are excited to quickly move into this next stage of growth and customer adoption," Tendril CEO Adrian Tuck, said. "Smart energy management is poised to take center stage and we see the need now more than ever for an open operating environment to enable a smart, information-driven power grid.”
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