Austin, TX, U.S.A. — (METERING.COM) — July 13, 2011 – Smart grid venture capital funding in Q2 2011 was up compared with Q1 but overall funding levels were still down compared to the same period in 2010, according to Mercom Capital Group’s latest quarterly review of the sector.
However, the quarter was a blockbuster for merger and acquisition (M&A) activity.
Q2 saw $104 million going into 15 VC deals, bringing the total for the first six months of 2011 to $180 million. This compares with almost $400 million in the first half of 2010. There were five deals in which the details were not disclosed, including three companies that were part of the “GE ecomagination Challenge”.
The largest of the deals was a $50 million raise by broadband home management company iControl Networks, in which Cisco is among the investors. Other significant deals were $17 million raised by JouleX, an innovator in enterprise energy management systems, and $13.5 million by the Indian provider of turnkey water metering solutions, Chetas Control Systems.
On the M&A front nine transactions resulted in $4.3 billion in activity. This totals more than all M&A transactions since Q1 of 2010. The significant M&A transactions included Toshiba’s acquisition of Landis+Gyr for $2.3 billion and Schneider Electric’s acquisition of Telvent for $2 billion.