Smart grid software provider gets funding


San Mateo, CA, U.S.A. — (METERING.COM) — April 8, 2008—eMeter Corporation has completed a $12.5 million funding round led, which was led by Siemens Corporation and joined by existing investors, Foundation Capital, and DBL Investors, allowing eMeter to pursue strategic initiatives. Last month Siemens and eMeter announced a global joint development and supply agreement for the sale and implementation of eMeter’s EnergyIP™ meter data management software. The terms of the agreement mean that Siemens will provide a global EnergyIP sales and delivery channel including installation, configuration, and first line support. eMeter will support Siemens’ sales providing EnergyIP software, globalization, and advanced support.

With 20 million meters under contract, eMeter Corporation provides meter data management (MDM) software that enables electric, gas, and water utilities to realize the full benefits of their advanced metering and smart grid initiatives.

“eMeter is a leading provider of MDM software and has a product (EnergyIP) with a modern architecture, proven scalability, and leading functionality that enables utility customers to remain AMI vendor neutral,” said Ralf Christian, CEO of the Power Distribution Division, Siemens Sector Energy. “Coupling this technology with our global sales coverage will provide utilities with a reliable cornerstone for their smart grid investments. The information held in the MDM can then be exploited across a utility’s operations together with Siemens’ broad portfolio of power distribution solutions.”

EnergyIP is an MDM system with three major elements. It begins with a full suite of meter data management functions to allow timely and accurate data collection and management, complete with all of the necessary processes to prepare data for billing. EnergyIP includes a powerful integration platform that can link various advanced meter systems to diverse utility information systems, including delivering new smart grid functionality for managing electric distribution networks. The third feature is production-oriented business process management tools for AMI implementation, operations, and maintenance.

“This new capital will allow us to invest in our core software and infrastructure and pursue potential strategic initiatives, without compromising our meter product independence,” said Cree Edwards, CEO and Founder of eMeter. “This independence ensures that our utility customers can buy whatever AMI technology they desire – a key need in the rapidly evolving smart grid market.”