Grid Net, a provider of network management software for smart grids, announced Series C funding, led by Braemar Energy Ventures.
The amount of the funding was not disclosd but high-profile previous investors also participated, including GE Energy Financial Services and Intel’s (Nasdaq: INTC) venture arm Intel Capital.
Grid Net said the funding will accelerate the commercial launch of the company’s products, as well as ongoing innovations in its next-generation smart grid solutions.
Grid Net has been working with technology partners GE Energy, Clearwire, Intel, and Motorola to develop secure, standards-based, and scalable WiMAX smart grid network solutions for utilities.
Grid Net has licensed its advanced communications and network technologies into GE’s WiMAX SmartMeter and SmartGrid Router products, which are also bundled with Grid Net’s PolicyNet SmartGrid NMS™ software. These products leverage the fourth-generation (4G), all-IP WiMAX communications network, and can easily support other leading broadband networking technologies.
“Growth in WiMAX wireless broadband communications deployments continues around the globe,” said Bobby Kandaswamy, investment director with Intel Capital. “We believe that Grid Net’s innovations with PolicyNet software and with WiMAX communications are cornerstones of a robust, flexible and reliable network management platform for the Smart Grid.”
Founded in 2006, Grid Net is headquartered in San Francisco, California.
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Intel Capital is actively looking at additional investments in cleantech companies and could announce more deals this year, a senior executive said on Wednesday.
Intel Capital’s previous high-profile cleantech investments include nearly $38 million in German solar company Sulfurcell and $50 million in a new solar cell start-up, SpectraWatt.
Read the Reuters report at the link below.
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