DBL Investors News

DBL Investors News

 
Foundation Capital Leads Round For Pioneering Energy Software Company
 

April 24, 2007

REDWOOD CITY, Calif. April 24, 2007.  eMeter Corp announced today that it has closed a private financing led by venture firm Foundation Capital.

“We are entering an historic era in ‘Cleantech’ innovation,” said Warren Weiss, general partner at Foundation Capital.  “We chose to add eMeter to our investment portfolio because we see the company as a clear leader in this field.” In conjunction with this investment round, Mr. Weiss has joined the eMeter board of directors.  eMeter will work with Mr. Weiss and Foundation Capital to accelerate development of eMeter’s advanced metering products.

eMeter board member Ed White, founder of Utility Translation Systems of MV90 fame and former Chairman of Itron, Inc. (NASDAQ: ITRI), added, “One reason Foundation invested is that eMeter is delivering the most comprehensive, commercially-proven advanced meter information system available today. The software is robust, well-designed, and highly capable. By far, it gives utilities the best ability to get the full benefits of their advanced meter infrastructure investments.”

Foundation Capital’s interest in eMeter stems from its understanding of the emerging role of the meter data management infrastructure in the clean energy movement.  Many in the industry see advanced metering as crucial to the clean, green solution to the energy and environmental challenges faced by utilities today.  The strategic use of data management in the control and awareness of energy usage is a powerful tool to be unleashed against resource constraints. 

eMeter CEO Cree Edwards states: “Foundation is a terrific investor. They have invested their time and capital in several great software and Cleantech companies.  Their expertise in the space is a nice complement to our own.  And their capital injection into eMeter will allow us to seize on all of the many opportunities now in the market – including ensuring our ability to continue to provide the highest levels of customer support as we take on new projects.”  
eMeter’s current investors also participated in the financing.

About Foundation Capital

Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in sectors including Cleantech, Internet infrastructure, enterprise software, and on demand services. Foundation Capital funds total more than $1.6 billion, including companies such as such as Netflix, Inc., SolarFlare Communications, Interwoven Inc., Wind River Systems, EnerNOC, Inc, and Silver Spring Networks.  For more information, visit www.foundationcapital.com

About eMeter

Since 1999, eMeter Corporation of Redwood City, California, has provided software to enable electric, gas, and water utilities to realize the full benefits of their advanced metering investments.  eMeter’s solutions allow for demand response and real-time monitoring of resource usage, resulting in greater energy efficiency and more reliable service, while minimizing the costs of AMI deployment, data management, and operations. 

eMeter’s flagship EnergyIP software is an Advanced Metering Information System (AMIS) that combines Meter Data Management (MDM) with a vendor-neutral integration platform linking AMI systems to utility information systems.  The suite of EnergyIP AMI Business Process Management applications includes: commercial and industrial interval-data collection, complex billing, and Web presentment of detailed energy usage data.  eMeter's industry-leading professional services team is available to plan, install, and configure the EnergyIP software, as well as provide strategic consulting services related to meter data management, advanced metering, and demand response.  For more visit www.emeter.com.