Tracxn - Smart Grid Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Smart Grid - Aug 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on August 31, 2018.
Smart Grid Feed Summary
4
Smart Grid > Feed Summary
Electricity Grid that uses digital communications technology and IoT to deliver its solutions.
• Inclusions: Advanced Metering Infrastructure (AMI),
T&D Management, utility services, data analytics,
microgrids, demand side management are the divisions
covered in smart grid
• Exclusions: Power and distribution giants like General
Electric, Schneider Electric and Siemens are excluded
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$4.6B
Funding
49
Mega
Companies
4321290
FundedCovered on
Tracxn
1
Unicorns
11
Soonicorns
35
Minicorns
29
IPO’d Cos
190
Late Stage Cos
56
111
Acquisitions
37
DeadPooled
-
Acquihired
Series A+ Cos
Kontrol Energy Corp
(2006, Mississauga, $679k)
Landis+Gyr
(1896, Zug, $265M)
Itron
(1977, Liberty Lake)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Smart Grid
5
$81.7M - Series D
Stem (2009, Millbrae, $225M)
$26.2M - Series B
Origami Energy (2013, Cambridge, $51.3M)
$54.6M - Series D
Smart Wires (2014, San Francisco, $134M)
$26M - Series D
$40M - Series D
Ice Energy (2003, Santa Barbara, $132M)
$20M - Series C
Urjanet (2010, Atlanta, $30.2M)
$34M - Series B
Advanced Microgrid Solutions (2013, San
Francisco, $58.8M)
$15M - Series A
Sense (2013, Cambridge, $19M)
$27M - Series C
Bidgely (2010, Sunnyvale, $51.6M)
$12.6M - Series D
Space-Time Insight (2008, San Mateo, $54.6M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Smart Grid > Feed Summary > Investment Trend Summary
Seed Almi (#4), High-Tech Grunderfonds (#2), 1776 (#1)
Series A/B GE Ventures (#5), Energy Impact Partners (#3), SET Ventures (#3)
Series C+
Energy Impact Partners (#3), EnerTech Capital (#2), GXP
Investments (#2)
Incubators Climate KIC (#8), Rockstart (#4), Clean Energy Trust (#3)
Other Notable
Investors
E.on (#6), Engie (#4), Total (#4)
Debt Investors
Connecticut Innovations (#1), Kohlberg Kravis Roberts (#1),
Macquarie Group (#1)
Most Active InvestorsRecent Investments
96
85
98
77
56
3
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded 57 58 63 72 77 42
$3.5B
$730M
$155M
$60.6M
$46.8M
US
Europe
Canada
India
Israel
$ Funding
$319M
$241M
$191M
$410M
$282M $258M
$797M
63
2013 2014 2015 2016 2017 2018*
$ Funding
$ Funding Predictede

Summary of exit outlook in Smart Grid
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
next47 3
SmartSynch (1998, Jackson, $65M)
Encorp (1992, Holcombe, $53M)
Nth Power 3
Foundation Capital 2
Silver Spring Networks (2002, Redwood City, $360M)
Enernoc (2001, Boston, $7.8M)
Kleiner Perkins 2
Opower (2007, Arlington, $65.5M)
DFJ 2
Aug 2018 Enercare Acq by Brookfield for $4.3B
Dec 2017 Aclara Technologies Acq by Hubbell for $1.1B
Sep 2017 Silver Spring Networks Acq by Itron for $830M
Aug 2016 Sensus Acq by Xylem Water Solutions for $1.7B
Jul 2015 Elster Acq by Honeywell for $5.1B
May 2012 Cooper Power systems Acq by Eaton for $13B
May 2010 Ventyx Acq by ABB for $1.2B
Smart Grid > Feed Summary > Exit Outlook Summary
Itron 3
Silver Spring Networks (Sep 2017, $830M), SmartSynch (Feb
2012, $100M), Comverge (May 2017, $100M)
ABB 4
Ventyx (May 2010, $1.2B), Tropos Networks (Jun 2012),
Powercorp (Nov 2011)
Oracle 2
Opower (May 2016, $532M), Lodestar Corporation (Apr
2007)
Siemens 1 eMeter (Dec 2011)
General Electric 1 Bitstew Systems (Nov 2016, $208M)
Recent IPOs Top Acquisitions
Torino Power Solutions Apr 2016
Sensor-based power line monitoring techno…
IPO MCap: - Current MCap: -
BuildingIQ Dec 2015
Building Energy Intelligence
IPO MCap: $65.4M Current MCap: $9.3M
Gentrack Jun 2014
Smart billing and customer management sol…
IPO MCap: $164M Current MCap: $495M
Utilitywise Jun 2012
Electricity, gas & water prices compariso…
IPO MCap: $57.3M Current MCap: -
Indian Energy Exchange Oct 2017
Power Trading platform
IPO MCap: - Current MCap: -
Landis+Gyr Jul 2017
Smart Meters and communication provider :…
IPO MCap: $2.4B Current MCap: -
Kontrol Energy Corp Aug 2016
Building energy management systems
IPO MCap: - Current MCap: $13.4M
Kerlink May 2016
M2M communication equipments for connecti…
IPO MCap: $41.5M Current MCap: -

FACTSHEET
Overview
Companies 1290
Funded 432 Series A+ 190
Funding $4.6B Last 2 yrs $655M
Most Active Investors
Seed Almi (4)
Series A/B GE Ventures (5)
Series C+ Energy Impact Partners (3)
Others E.on (6)
Incubators Climate KIC (8)
Top Cities
Bay Area 70 Cos $1.4B
Arlington 2 Cos $392M
Feed in Numbers
Unicorns 1 Soonicorns 11
Minicorns 35 Editor Picks 99
Acquihired 0 Deadpooled 37
Top Companies
Itron (1977, Liberty Lake)
Kontrol
Energy Corp
Landis+Gyr (1896, Zug, $265M)
Exits
IPOs 29 Landis+Gyr, Gentrack
Acquisitions 111 Cooper Power systems,
Elster
Top Acquirers Itron, ABB
Marketmap: Smart Grid
CUSTOMER END SOLUTIONS
ENERGY INTELLIGENCE
UTILITY BILLING MANAGEMENT
TRANSMISSION & DISTRIBUTION
AUTOMATION
SENSOR MANUFACTURERS
TRANSMISSION TOPOLOGY CONTROL
VOLT/VAR OPTIMIZATION
DISTRIBUTED GRID MANAGEMENT
TRANSFORMER MONITORING
VERTICALLY INTEGRATED PLAYERS
LOAD DISAGGREGATION
UTILITY SOLUTIONS
NETWORK OPERATIONS PLATFORM
ASSET INTELLIGENCE
DISTRIBUTED ENERGY RESOURCES*
AUTOMATED DEMAND RESPONSE*
LOAD MANAGEMENT
ADVANCED METERING
INFRASTRUCTURE
FULL-END SOLUTIONS
SMART METERS
COMMUNICATION SYSTEMS
NETWORK PROVIDERS
METER DATA MANAGEMENT*
For any Feedback and Query reach out to MyAnalyst@tracxn.com* Upcoming Business Model
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
Smart Grid > Feed Summary > BlueBox
7

Key Sub Sectors in Smart Grid Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Utility Solution > Network Operations
Platforms >
Distributed Energy Resources
59 $84.6M 20
Advanced Metering Infrastructure >
Meter Data Management & Customer
Information Systems
126 $44.5M 11
Utility Solution > Network Operations
Platforms > Distributed Energy Resources >
P2P Energy Sharing and Trading
42 $51.7M 10
Load Management 20 $182M 5
Utility Solution > Energy Management
Solutions > Utility-End > Demand
Response >
Automated Demand Response
35 $28.3M 9
Solutions > Customer-End >
Energy Intelligence
189 $15.7M 14
Solutions > Utility-End >
Asset Intelligence
30 $27.4M 5
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Utility Solution
Companies offering solutions mainly targeted to
improve utility-controlled functions
665 260 $2.2B
Vertically Integrated Player
Companies offering end-to-end solutions for smart
grid deployment
26 11 $875M
Advanced Metering Infrastructure
Companies manufacturing smart meters,
communications networks, and data management
systems...
433 98 $596M
Load Management
Companies offering peak load management or load
curtailment solutions by installation...
20 10 $491M
Transmission & Distribution Automation
Companies offering distribution and transmission
automation solutions
104 47 $371M
Project Developers
Companies which take part in the design,
implementation, and installation of smart grid...
25 4 $24.3M
Utility Comparison
Companies developing platform which may or may not
be transactional that enables comparing...
17 2 -
Smart Grid > Feed Summary > Summary of Key Markets

List of Notable Companies in Smart Grid
Notable Companies in the Sector
9
Note: *(Founded Year, Location, Total Funding)
Smart Grid > Feed Summary > Notable Companies in the Sector
Public
Landis+Gyr
(1896, Zug, $265M)*
Gentrack
(1989, Auckland)
BuildingIQ
(2009, Foster City, $16.1M)
Utilitywise
(2006, Newcastle Upon Tyne)
Ubisense
(2002, Cambridge, $3M)
Hansen Technologies
(1971, Doncaster East)
Kerlink
(2004, Bretagne, $5.8M)
Cyan Connode
(2000, Swavesey, $9.8M)
Smart Metering
Systems
(1995, Glasgow)
Encorp
(1992, Holcombe, $53M)
Public
Indian Energy Exchange
(2007, Delhi, $15.6M)
Lime Energy
(1997, Newark, $10M)
Viper
(2000, Troy, $10M)
Attune RTD
(2001, Palm Springs, $1.2M)
Kontrol Energy Corp
Itron
(1977, Liberty Lake)
ACI Worldwide
(1975, Omaha)
Genus Power
Infrastructure
(1992, Jaipur)
PSI Software
(1969, Berlin)
Torino Power Solutions
(2015, Vancouver)
Public
Vitria Technology
(1994, Sunnyvale)
Altairnano
(1973, Reno)
Quadlogic Controls
(1982, Long Island City)
Elspec
(1988, Caesarea)
EnSync
(1986, Menomonee Falls)
Infrax Systems
(2004, Pinellas Park)
LS Industrial Systems
(1974, Anyang-si)
Nuri Telecom
(1992, Seoul)
Omni System
(1997, Seoul)
Acquired
Cooper Power systems
(1985, Waukesha)
Elster
(1994, Ocala)
Enercare
(2002, Toronto)
Sensus
(1870, Raleigh)
Ventyx
(1997, Atlanta)
Aclara Technologies
(1972, Hazelwood)
Silver Spring Networks
(2002, Redwood City, $360M)
Opower
(2007, Arlington, $65.5M)
Qundis
(2009, Erfurt)
PowerSecure
(1991, Wake Forest)
Acquired
Ecova
(1995, Spokane)
Teridian
Semiconductor
(1972, Irvine)
Enernoc
(2001, Boston, $7.8M)
Bitstew Systems
(2005, Burnaby, $22.5M)
Jamaica Public Service
(1923, Kingston)
ZIV
(1993, Zamudio)
Certicom
(1985, Mississauga)
SmartSynch
(1998, Jackson, $65M)
Comverge
(1980, Norcross, $38M)
Utopus Insights
(2017, Valhalla)

List of Notable Companies by Market in Smart Grid
Notable Companies by Market (1/8)
11
Smart Grid > Feed Summary > Notable Companies by Market
Silver Spring Networks (2002, Redwood City,
$360M)
Connectivity platform and network provider for
communications between utility and customer,
smart meters and communication nodes
Soonicorn. Stage: Acquired
Hitachi, EMC, GSV Capital and 14 Other Investors
Landis+Gyr (1896, Zug, $265M)
Smart Meters and communication provider : End to
end energy management solutions
Editor's Pick. Stage: Public
Hudson Clean Energy Partners, aPriori Capital
Partners, Propel Funeral Partners and 3 Other
Investors
End to End solutions for smart grid
Red Rock Ventures
Cooper Power systems (1985, Waukesha)
End to end solutions for smart grid and energy
efficiency products
Stage: Acquired
Sensus (1870, Raleigh)
Network provider, smart meters, software and
services
Stage: Acquired
Integrated Solution Provider
Cyan Connode (2000, Swavesey, $9.8M)
Utility metering and lighting management
Stage: Public
JST Group, The Cambridge Gateway Fund, NIF
Ventures and 2 Other Investors
Genus Power Infrastructure (1992, Jaipur)
Advanced metering infrastructure, smart meters
and, solar panel manufacturer
Stage: Public
Aclara Technologies (1972, Hazelwood)
Connective platform for smart grid
Stage: Acquired
Gimv, Pappas Ventures, Ampersand Capital
Partners and 2 Other Investors
Elster (1994, Ocala)
AMI and AMR metering solutions
Stage: Acquired
CVC Capital Partners

12
Integrated Solution Provider
Nuri Telecom (1992, Seoul)
Smart Grid and Energy Management systems
Stage: Public
ZIV (1993, Zamudio)
Smart meters, communication systems and
controllers
Stage: Acquired
N+1 Group
Smart Meters
Enercare (2002, Toronto)
Provider of smart metering services and HVAC
system maintenance
Stage: Acquired
Jamaica Public Service (1923, Kingston)
Engaged in the generation, transmission and
distribution of electricity and metering solutions
Stage: Acquired
Quadlogic Controls (1982, Long Island City)
Smart meters and energy monitoring systems for
buildings
Stage: Public
Omni System (1997, Seoul)
Provider of advanced meter reading systems
Stage: Public
Kiwoom Investment
Smart Meters
Smart Metering Systems (1995, Glasgow)
Connection management, meter asset management
and energy efficiency solutions
Stage: Public
Bank of Scotland, Barclays, Santander and 2 Other
Investors
Teridian Semiconductor (1972, Irvine)
Mixed signal integrated circuits (ICs) for Smart grid
applications
Stage: Acquired

13
Communication Systems
communication systems for smart grids
Stage: Acquired
Battelle Ventures, Innovation Valley Partners,
Kinetic Ventures and 12 Other Investors
Viper (2000, Troy, $10M)
Developer of LED lighting with smart grid
applications
Stage: Public
Kerlink (2004, Bretagne, $5.8M)
M2M communication equipments for connecting
objects
Stage: Public
CM-CIC Investissement, Sodero Gestion, SFLD and 1
Other Investors
Infrax Systems (2004, Pinellas Park)
Communications, mesh networks and AMI solutions
Stage: Public
Meter Data Management & Customer Information Systems
Lime Energy (1997, Newark, $10M)
Customer relationship software for utilities
Stage: Public
Bison Capital invests
ACI Worldwide (1975, Omaha)
Provider of software solutions for utility billing and
electronic banking
Stage: Public
JMI Management, ABS Capital
Gentrack (1989, Auckland)
Smart billing and customer management solutions
for energy, water and airport utilities.
Stage: Public
HgCapital
Hansen Technologies (1971, Doncaster East)
Billing, customer care and meter data management
solutions provider
Stage: Public
Meter Data Management & Customer Information Systems
Qundis (2009, Erfurt)
AMR system solutions for consumption data
recording
Stage: Acquired
HgCapital

14
Load Management
Load Management
Offers cloud based energy solutions
Soonicorn. Stage: Series D
BNP Paribas, Magnesium Capital, Activate Capital
and 13 Other Investors
Ice Energy Storage system and demand side
management for smart grid
Argo Infrastructure Partners, Energy Capital
Partners, Good Energies Investments and 4 Other
Investors
Altairnano (1973, Reno)
Energy Storage systems using batteries
Stage: Public
Suite
PSI Software (1969, Berlin)
Software developer for energy, manufacturing, and
infrastructure companies
Stage: Public
KIMED Investments and Managemen
Elspec (1988, Caesarea)
Power quality meters and analyzers for electric grid
Stage: Public
SKY Fund, XT Hi-Tech
LS Industrial Systems (1974, Anyang-si)
Transmission and Distribution automation
solutions
Stage: Public
Transmission Automation
Smart wires to push power from overloaded line to
under utilized lines
RiverVest Venture Partners, ARPA-E, Jane Capital
Partners and 1 Other Investors
Torino Power Solutions (2015, Vancouver)
Sensor-based power line monitoring technology
Stage: Public
AIP Private Capital

15
Distribution Automation
Varentec (2009, Santa Clara, $38M)
Grid Control management technology provider
Soonicorn. Stage: Series C
Khosla Ventures, 3M, Square 1 Bank and 1 Other
Investors
Utility Solution
Network Operations Platforms
Sunverge Energy (2009, San Francisco, $53.5M)
Offers smart energy storage systems
AGL Energy, Australian Renewable Energy Agency,
SB China Capital and 3 Other Investors
Demand response and smart communications
systems
Stage: Public
next47, Nth Power, Rustic Canyon Partners and 8
Other Investors
Autogrid (2010, Redwood City, $41.8M)
Demand Response System, Distributed Energy
Resources Management Platform
Total, Energy Impact Partners, Envision Ventures
Bitstew Systems (2005, Burnaby, $22.5M)
Software defined operations for industrial IoT
Stage: Acquired
Yaletown Partners, GE Ventures, BDC and 3 Other
Investors
Indian Energy Exchange (2007, Delhi,
$15.6M)
Stage: Public
Bessemer Venture Partners, Lightspeed India
Partners, Madison India Capital and 4 Other
Investors
Kontrol Energy Corp (2006, Mississauga,
$679k)
Ventyx (1997, Atlanta)
Software solutions for utilities and telecoms
Unicorn. Stage: Acquired
Vista Equity Partners

16
Utility Solution
PowerSecure (1991, Wake Forest)
Energy efficiency and smart grid solutions
Stage: Acquired
Citigroup, BB&T, Glen Capital
EnSync (1986, Menomonee Falls)
Manufactures intelligent energy storage systems
Stage: Public
Cyber Security
Certicom (1985, Mississauga)
Elliptic curve encryption based security solution
Stage: Acquired
Vital Venture Capital, Rogers Venture Partners,
Thomvest Ventures
Energy Management Solutions
Tendril (2004, Boulder, $189M)
Energy Intelligence and home energy management
solutions
Soonicorn. Stage: Series E
Energy Impact Partners, SunPower, VantagePoint
Capital Partners and 13 Other Investors
Customer engagement platform, Demand response
management and Home energy management
Stage: Acquired
E.on, Accel Partners, New Enterprise Associates and
9 Other Investors
Real time analytics for data from varied sources
Soonicorn. Stage: Acquired
NEC, E.on, EnerTech Capital and 5 Other Investors

17
Utility Solution
FirstFuel (2011, Lexington, $45M)
Energy use intelligence
Energy Impact Partners, Next World Capital,
Battery Ventures and 5 Other Investors
Comverge (1980, Norcross, $38M)
Demand response and energy efficiency
Stage: Acquired
RockPort Capital, Nth Power, EnerTech Capital and
5 Other Investors
BuildingIQ (2009, Foster City, $16.1M)
Stage: Public
Aster Capital, Paladin Capital, next47 and 4 Other
Investors
Demand response and SaaS provider
Stage: Acquired
Foundation Capital, Braemar Energy Ventures, DFJ
Ubisense (2002, Cambridge, $3M)
Ubisense provides location intelligence solutions
for manufacturing, transit, telecommunications,
and utilities.
Stage: Public
Cambridge Capital Group, Cambridge Angels,
Rockspring
Attune RTD (2001, Palm Springs, $1.2M)
Peak demand response and price savings
Stage: Public
Utopus Insights (2017, Valhalla)
Energy analytics company for utilities
Minicorn. Stage: Acquired
VELCO
Vitria Technology (1994, Sunnyvale)
Advanced Analytics Platform
Stage: Public
Weston Presidio, Sutter Hill Ventures
Ecova (1995, Spokane)
Energy savings solutions for commercial and
Industrial spaces
Stage: Acquired
Insight Venture Partners, Engie

18
Utility Comparison
Utility Comparison
Utilitywise (2006, Newcastle Upon Tyne)
Electricity, gas & water prices comparison service
provider
Stage: Public
Middleton Enterprises

List of Notable Companies in Smart Grid in China
Notable Companies in the Sector in China
19
Smart Grid > Feed Summary > Notable Companies in the Sector in China
Public
Integrated Electronic
Systems Lab
Dongfang Electronics
(1957, Yantai)
Linyang Energy
(1995, Nantong)
NARI Technology
(2001, Nanjing)
Suntront Technology
(2000, Zhengzhou)
Wasion Group
(1998, Changsha)

Recent News in Smart Grid Sector
Recent News
20
Aug 2018
SSE's merger with Npower gets the provisional green light from UK
competition watchdog, City A.M.
Aug 2018
Industrial Control Transformers - Worldwide Market Opportunity
Outlook to 2025 Featuring Rockwell Automation, Hubbell, MCI
Transformers, Emerson Electric, Siemens, Eaton, ABB, and more -
ResearchAndMarkets.com, Business Wire
Aug 2018
Smart Water Network - Global Markets to 2025 featuring IBM,
Aclara, Siemens, TaKaDu, ABB, i2O Water, Schneider Electric, GE,
and more - ResearchAndMarkets.com, Business Wire
Aug 2018
Eaton Receives Arbitration Decision Related to Legacy Cooper
Business, Business Wire
Aug 2018
Global Indirect Light Market Trends 2018-2023: Hubbell, Eaton,
Intense Lighting, PhilipsLighting, AFXNoraLighting, truthweek.com
Aug 2018
Global External Power Supplies (EPS) Market 2018 – Eaton, Delta
Electronics (Eltek), Lite-On Technology, Acbel Polytech,
truthweek.com
Aug 2018
Global Intelligent Remote Terminal Unit Market - Forecast to 2025
featuring GE Grid Solutions, Schneider, ABB, Honeywell, Siemens
Energy, and more - ResearchAndMarkets.com, Business Wire
Aug 2018
Aussie Blockchain Powers P2P Solar Power Trading in Upscale
Bangkok Community, CryptoScoop
Aug 2018
Global Automotive Circuit Breakers Market 2018:- Littelfuse, E-T-A
Circuit Breakers, Eaton, truthweek.com
Key Recent News Key Recent News
Aug 2018
Aquicore and MeteoViva Announce New Strategic Partnership,
PRWeb
Aug 2018
EnSync Energy to Showcase Home Energy System at Solar Power
International, PR Newswire
Aug 2018
Global Smart Grid Home Area Network (HAN) Market 2018 Top
Players: Itron, Cisco, ABB, Honeywell, truthweek.com
Aug 2018 GE Power launches new offering at CIGRE 2018, PV Magazine
Aug 2018
mPrest Introduces Underground Residential Distribution (URD)
Cable Fleet Maintenance Optimization Application for Smart Power,
PR Newswire
Aug 2018
Global Gas Equipment Market 2018 Top Players :Air Products And
Chemicals (US), Iwatani (Japan), Colfax (US), Itron, truthweek.com
Aug 2018
Manufacturer Will Replace 47,500 Water Meters in DeKalb, Metro
Atlanta CEO
Aug 2018
New Research Finds Multifamily Companies Who Automate
Resident Billing, Payments and Utility Expense Management
Improve NOI and Productivity, PRWeb
Aug 2018
TestPro Multifunction Cable Tester Dubbed ‘Fastest in Market’ by
Intertek, Security Sales
Aug 2018
FreeWave Announces Programmable Appliance to Deliver IIoT
Edge Intelligence, iotevolutionworld.com
Aug 2018
Global Portable Filtration Systems Market Outlook 2018-2022: Pall,
Y2K, Bosch Rexroth, Eaton, Donaldson, Talk Daily News
Smart Grid > Feed Summary > Recent News

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
21
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

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Investments ($M) and number of rounds in Smart Grid; 2011-2018
Global Funding Trends (1/2)
23
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Smart Grid > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 10% # of Rounds1% $ Funding
6% # of Rounds
11% $ Funding
$319M
$280M
$319M
$241M
$191M
$410M
$282M $258M
$797M
0
10
20
30
40
50
60
70
80
90
$0k
$100M
$200M
$300M
$400M
$500M
$600M
$700M
$800M
$900M
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding Predicted $ Funding # Rounds Predicted # Rounds

18 19 24 30 28 30 22 8
31
27
28 21
22 27
44
25
6 12 5 7 13 15 11 9
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
55
42
Total # of Rounds
$16M $10M $12M $20M $20M $12M $17M $9M
$177M
$170M
$178M
$119M
$147M
$133M
$191M
$76M
$87M $140M $50M $52M
$243M
$137M $50M $234M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
24
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded Club
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Smart Grid; 2011-2018
Smart Grid > Investment Trends > Global Funding Trends
46
19
30
24
31
28
10
188
$3.4M
$2.2M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
$4.0M
0
20
40
60
80
100
120
140
160
180
200
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
$3.4M $3.1M $1M $1.4M $2.1M $2.5M $1.7M $2.2M
$255M
$48M $78M
$40M
$0K
$195M
$97M
$54M
$639M9
0
1
2
3
4
5
6
7
8
9
10
0
100000000
200000000
300000000
400000000
500000000
600000000
700000000
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding Predicted $ Funding # of Rounds Predicted # Rounds
Mega Rounds
2 3 2 - 6 4 2 6
$280M $319M
Total $ Invested

Smart Grid > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Smart Grid
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 1.4B 107
Arlington 392M 16
Zug 265M 3
Boulder 198M 25
Germantown 148M 6
Santa Barbara 132M 5
Sewickley 125M 11
Valhalla 90M 2
Cambridge 89.5M 12
Lexington 81.5M 8
Total Funding
425
173
38
22
15
7
1
# Rounds
$3.5B
$730M
$155M
$60.6M
$46.8M
$16.8M
$555k
US
Europe
Canada
India
Israel
Australia
SEA
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.9
$0.6 $0.6
$1.0 $1.0
$0.6
$1.0
2011 2012 2013 2014 2015 2016 2017
$4.8 $5.4 $4.6 $5.3 $5.6 $6.0
$5.0
$9.9
$7.4
$11.1
$8.2
$12.3
$6.1
$8.3
$14.5 $14.0 $12.6
$8.7
$18.7 $17.1
$8.4
Smart Grid > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Smart Grid; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$4.5K* $6.4M
$445K $20M
$200K $34M
$1M $81.7M
$12.7M
$6.6M
$3.9M
$606K
Series C+
Series B
Series A
Seed
Stage

Note: 219 companies with undisclosed funding amount are not included
27
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
49
99
59
14
9
No. of Companies
Smart Grid > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Smart Grid; as of Aug 2018
Distribution of companies by Funding Range
$17M
$430M
$1.4B
$876M
$1.9B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
33%
15%
8%
4%
28
Note: Numbers in the brackets show the count of companies
Time to raise
next round
56
97
190
432
1290
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
33% 4%
(58)
4%
(49)
- 3%
(37)
64%
(821)
44% 12%
(51)
10%
(42)
- 4%
(18)
52%
(224)
51% 13%
(25)
8%
(16)
- 6%
(11)
43%
(82)
58% 21%
(20)
11%
(11)
- 4%
(4)
38%
(37)
- 30%
(17)
14%
(8)
- 2%
(1)
32%
(18)
Smart Grid > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Smart Grid
Funding Funnel
21 Months
20 Months
23 Months
Investment backedBootstrapped
11
1
72
26
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Smart Grid > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Smart Grid; Aug 2016-Aug 2018
Notable Investments in last 24 months (1/5)
LATE STAGE
$81.7M - Series D Jan 2018
Activate Capital, Temasek, Ontario Teachers'
Pension Plan
$54.6M - Series D May 2018
Smart wires to push power from overloaded line to
under utilized lines
$40M - Series D Jun 2018
Ice Energy Storage system and demand side
management for smart grid
Argo Infrastructure Partners
$27M - Series C Jan 2018
Bidgely (2010, Sunnyvale, $51.6M)
Enables consumers to monitor and manage their
household energy use
Georgian Partners, E.on, Khosla Ventures, innogy
LATE STAGE
$26M - Series D Jul 2018
BNP Paribas, Magnesium Capital
$20M - Series C Mar 2017
Automated Utility Data
Oak HC/FT, Grotech Ventures, Correlation Ventures,
GRA Venture Fund
$12.6M - Series D Sep 2016
$11.1M - Series D Jan 2017
Itineris (2003, Deurle, $32.5M)
IT solutions & services provider for Utility Industry
Gimv, PMV
LATE STAGE
$10.3M - Series C Dec 2016
Blue Pillar (2006, Frederick, $35.1M)
Energy management solutions
GXP Investments, Elevate Ventures, EnerTech
Capital, Allos Ventures, Claremont Creek Ventures,
Arsenal Venture Partners
$5.1M - Series E May 2017
solutions
$5M - Series E Feb 2017
solutions
$3M - PE Oct 2017
Atom Power (2014, Charlotte, $3M)
Solid-state circuit breaker
$1.7M - Series C Aug 2018
Blue Pillar (2006, Frederick, $35.1M)

LATE STAGE
Series E Mar 2018
solutions
Energy Impact Partners
Series D Jul 2017
FirstFuel (2011, Lexington, $45M)
Energy use intelligence
Energy Impact Partners
Series C Sep 2016
Total
EARLY STAGE
$34M - Series B Jul 2017
Advanced Microgrid Solutions (2013, San
Francisco, $58.8M)
DER integration platforms
Energy Impact Partners, Southern Company, DBL
Partners, GE Ventures, Macquarie Group, AGL
Energy
$26.2M - Series B Apr 2018
SaaS marketplace for managing energy products
Cambridge Innovation Capital, Aggreko, Octopus
Ventures
$15M - Series A Jan 2017
Sense (2013, Cambridge, $19M)
Device to monitor appliances and track energy
usages
Energy Impact Partners, Capricorn, Prelude
Ventures, Bolt, Charles River Ventures, iRobot, Shell
Global
EARLY STAGE
$12.5M - Series B Nov 2017
Texzon Technologies (2013, Dallas, $39.5M)
Ring Power Multiplier (RPM) technology, Zenneck
surface wave which can transfer electricity to long
distances wirelessly
$12M - Series B Oct 2016
Gridco Systems (2010, Woburn, $54.5M)
Smart grid technology
General Catalyst Partners, Lux Capital, North Bridge,
Reinhausen
$10M - Series B Jul 2018
Swim (2015, San Francisco, $18M)
Analytics platform for processing sensor data in real
time
Cambridge Innovation Capital, Silver Creek
Ventures, H. Barton Asset Management, Arm
$8.6M - Series A Mar 2017
Discovergy (2009, Heidelberg, $8.6M)
Smart meter and energy monitoring products
manufacturer

EARLY STAGE
$8.5M - Series B Apr 2018
OhmConnect (2013, San Francisco, $15M)
Demand management & Energy management
solutions by installing thermostats and sensors
Mark Pincus, Floodgate Fund, Aspect Ventures, City
Light Capital, Cthulhu Ventures, Radicle Impact
Partners, AME Cloud Ventures
$6.6M - Series B Jan 2018
$6.1M - Series A Apr 2018
Geli (2011, San Francisco, $19.5M)
Develops energy storage operating software
$5.1M - Series A Jul 2017
Conjoule (2017, Essen, $5.1M)
P2P energy marketplace to connect producers and
consumers
Tokyo Electric Power Company, innogy Innovation
Hub
EARLY STAGE
$3.9M - Series A Aug 2017
$3.4M - Series A Jul 2017
GreenCom Networks (2011, Nice, $3.4M)
Integrated platform for DER's, VPP and other energy
consuming assets
Munich Venture Partners, SET Ventures
$2.8M - Series A Dec 2016
kWantera (2006, Pittsburgh, $10M)
Predictive analytics for Power seller and purchases
of the wholesale energy market
$2.3M - Series B Jul 2018
EARLY STAGE
$1.7M - Series A Sep 2017
$1.4M - Series B Nov 2017
$1.3M - Series B Feb 2018
$900k - Series B Feb 2018

EARLY STAGE
$750k - Series B Mar 2018
$642k - Series B Dec 2017
$576k - Series B Jun 2018
EARLY STAGE
$527k - Series A Oct 2017
Open Utility (2013, London, $550k)
Market place platform for renewable energy using
data analytics
UK Government
$504k - Series B May 2018
EARLY STAGE
$500k - Series B Feb 2018
Series A Apr 2018
Integrated platform for DER's, VPP and other energy
consuming assets
MACDOCH Group, Munich Venture Partners, SET
Ventures
Series A Feb 2017
Atom Power (2014, Charlotte, $3M)
Solid-state circuit breaker
next47

SEED STAGE
$2.3M - Seed Mar 2017
$1M - Seed Mar 2017
$850k - Seed Jul 2017
Seed Feb 2017
VELCO

Most Active Investors (VC, PE) by Stage in Smart Grid; Last 5 years (Sep 2013-Aug 2018)
Most Active VC & PE Investors
34
Smart Grid > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Almi (4 Investments)
dLaboratory, SenseNode, Metry
1
High-Tech Grunderfonds(2 Investments)
envelio, node.energy
2
GE Ventures
PingThings
3
Northstar Ventures
One Utility Bill
4
Archangels
NetThings
5
Prelude Ventures
Sense
6
Cambridge Innovation Capital
Origami Energy
7
Charles River Ventures
Sense
8
Passion Capital
Limejump
9
Demeter
envelio
10
EARLY STAGE
GE Ventures(5 Investments)
Stem, Enbala Power Networks, Bitstew Systems
1
SET Ventures(3 Investments)
Limejump, GreenCom Networks, Energyworx
2
Energy Impact Partners (3 Investments)
Advanced Microgrid Solutions, Sense, Opus One Solutions
3
Southern Cross Venture Partners (3
Investments)
Geli, Sunverge Energy, Wattwatchers
4
Statkraft Ventures(3 Investments)
Greenbird, Limejump, DEPsys
5
Constellation Technology Ventures (3
Investments)
Stem, Bidgely, eCurv
6
next47(2 Investments)
Sunverge Energy, Atom Power
7
Prelude Ventures(2 Investments)
Powerhive, LevelTen Energy
8
ETF Partners (2 Investments)
Greenbird, QOS Energy
9
RockPort Capital
Gridco Systems
10
LATE STAGE
Tendril, Autogrid, FirstFuel
1
EnerTech Capital(2 Investments)
EnergySavvy, Blue Pillar
2
GXP Investments (2 Investments)
EnergySavvy, Blue Pillar
3
Prelude Ventures
EnergySavvy
4
Elevate Ventures
Blue Pillar
5
Temasek
Stem
6
Correlation Ventures
Urjanet
7
SB China Capital
Sunverge Energy
8
Georgian Partners
Bidgely
9
Accel-KKR
Energy Services Group
10

Smart Grid > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Smart Grid; Last 5 years (Sep 2013-Aug 2018)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
Climate KIC(8 Investments)
Upside Energy, Sympower, SMAP energy
1
Rockstart(4 Investments)
Sympower, eGEO, Capacity Energy
2
Clean Energy Trust(3 Investments)
Go Electric, MeterGenius, Agentis Energy
3
INCENSe Accelerator(3 Investments)
Geratriz, Sensewaves, Midori
4
Plug and Play Tech Center(3 Investments)
OhmConnect, Neurio Technology, Xompass
5
Startupbootcamp(3 Investments)
WePower, Twingz, Envio Systems
6
500 Startups(2 Investments)
OhmConnect, GridCure
7
Horizon GreenTech Ventures(2
Investments)
PDP Technologies, Synvertec
8
Quake Capital(2 Investments)
Vutiliti, MicroEra Power
9
Venture Kick(2 Investments)
Shared Electric, Zaphiro Technologies
10
OTHER NOTABLE INVESTORS
E.on(6 Investments)
Opower, Bidgely, Space-Time Insight
1
Engie(4 Investments)
Advanced Microgrid Solutions, Ecova, Opus One Solutions
2
Total(4 Investments)
Stem, Autogrid, Sunverge Energy
3
Bpifrance(3 Investments)
Ijenko, DCbrain, Mc MA Solutions
4
UK Government(3 Investments)
Open Utility, Electron, Nortech Management
5
Shell Global(3 Investments)
Geli, Sense, Innowatts
6
3M(2 Investments)
Varentec, Smart Energy Instruments
7
ABB(2 Investments)
Enbala Power Networks, Enervalis
8
AGL Energy(2 Investments)
Advanced Microgrid Solutions, Sunverge Energy
9
BDC(2 Investments)
Bitstew Systems, Neurio Technology
10
DEBT INVESTORS
Connecticut Innovations
Tantalus systems
1
Kohlberg Kravis Roberts
Enzen
2
Macquarie Group
Advanced Microgrid Solutions
3
PMV
Itineris
4
Siparex
effiPilot
5
Silicon Valley Bank
Bitstew Systems
6

Smart Grid > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/3)

Smart Grid > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
40
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
Waste & Water Management
Jul 2018
Geothermal Energy
Jul 2018
Wind Energy
Jul 2018

FACTSHEET
Marketmap: Smart Grid
42
Smart Grid > Market Details > BlueBox

Key Sub Sectors
43
Key Sub Sectors in Smart Grid
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Utility Solution
Companies offering solutions mainly targeted to improve utility-controlled functions
GridPoint (2003, Arlington, Acquired)
665 260 $2.2B
Companies offering end-to-end solutions for smart grid deployment
Silver Spring Networks (2002, Redwood
City, Acquired)
Kalki Communication Technologies (1998,
Bangalore, $11.5M)
26 11 $875M
Companies manufacturing smart meters, communications networks, and data management
systems that enab....
eMeter (1999, San Mateo, Acquired)
433 98 $596M
Load Management
Companies offering peak load management or load curtailment solutions by installation of
solar or ba....
Younicos (2006, Berlin, Acquired)
20 10 $491M
Companies offering distribution and transmission automation solutions
Serveron (2000, Beaverton, Acquired)
104 47 $371M
Project Developers
Companies which take part in the design, implementation, and installation of smart grid
projects
Utility Integration Solutions (UISOL)
(2002, Seattle, Acquired)
Enzen (2006, Bangalore, $12.2M)
25 4 $24.3M
Utility Comparison
Companies developing platform which may or may not be transactional that enables
comparing rates of multiple Utilities
Energylinx (2002, Alloa, Acquired)
EnergyAustralia (1995, Melbourne)
17 2 -
Smart Grid > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/4)
44
Smart Grid > Market Details > Detailed Sector Taxonomy

45

46

47

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Utility Solution > Network Operations Platforms > Distributed Energy
Resources
Companies developing platforms to integrate distributed energy resources and energy providers at the
local end
(Companies covered 59 | Funded 38 | Total Funding $745M)
$84.6M
(-$567M)
20
(-49)
Origami Energy
(2013, Cambridge, $51.3M)
2
(-)
Advanced Metering Infrastructure > Meter Data Management & Customer
Information Systems
Companies developing the software layer that compiles meter data and other monitoring information
provided by meter devices and allows for business applications
$44.5M
(-$113M)
11
(-16)
Urjanet
(2010, Atlanta, $30.2M)
3
(+3)
Utility Solution > Network Operations Platforms > Distributed Energy
Resources > P2P Energy Sharing and Trading
Companies developing platforms to enable P2P energy sharing or trading for prosumers, consumers
and generators
(Companies covered 42 | Funded 20 | Total Funding $55.1M)
$51.7M
(+$25.6M)
10
(+1)
(2007, Delhi, $15.6M)
4
(-1)
Load Management
Companies offering peak load management or load curtailment solutions by installation of solar or
battery products to use them during peak time pricing and consume energy from…
$182M
(-$109M)
5
(-11)
Stem
(2009, Millbrae, $225M)
5
(-1)
Utility Solution > Energy Management Solutions > Customer-End > Energy
Intelligence
Companies offering energy intelligence for end-consumers to provide expert advice and insights about
their energy consumption to optimize the demand side energy consumption(Companies covered 191 |
Funded 47 | Total Funding $95.9M)
$15.7M
(-$68.7M)
14
(-31)
Eliq
(2008, Gothenburg, $6.3M)
48
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/2)
Top Markets by Funding in Smart Grid in last 2 years (August 2016 - July 2018)
Smart Grid > Market Details > Top Markets of Investment Activity

Top Markets of Investment Activity (2/2)
Smart Grid > Market Details > Top Markets of Investment Activity

Incubators Climate KIC (#2), Venture Kick (#1)
Seed
Invested Development (#1), Wilson Sonsini Goodrich &
Rosati (#1)
Series A/B North Bridge (#2), ABB (#2)
Series C+
Craton Equity Partners (#1), Susquehanna Growth Equity
(#1)
Kisensum Jun - 2018
Acq by ChargePoint
Integral Analytics Aug - 2017
Acq by Willdan
Energie365 Jul - 2017
Acq by Next Kraftwerke
VCharge Energy Feb - 2017
Acq by OVO Energy
Demand Energy Networks
Jan - 2017
Acq by Enel Green Power
Viridity Energy Jan - 2017
Acq by Ormat for $35M
Series A
Electron (2015, London, $505k)
Series A
GreenCom Networks (2011, Nice,
$3.4M)
$6.1M - Series A
$26.2M - Series B
Origami Energy (2013, Cambridge,
$51.3M)
$7.4M - Series A
Upside Energy (2013, Crewe, $8.2M)
Series A
Jan 2017
Enel acquires US energy software firm Demand Energy
Networks, Clean Technology Business Review
Nov 2017
EnSync Energy Reports First Quarter Fiscal Year 2018
Results, PR Newswire
Dec 2017
EnSync Signs 42,600 SF Industrial Lease in Menomonee
Falls, Wisconsin, REBusinessOnline
Mar 2017
Ormat Technologies Announces Closing of the Acquisition of
Viridity Energy, EconoTimes
Feb 2017 Leoni acquires majority stake in Adaptricity, Automotive World
Sep 2014 Origami Energy Raises £3.5M in Funding |FinSMEs, FinSMEs
Dec 2017
EnSync : Holu Energy Brings Photovoltaic PPA to Nuuanu
Terrace, 4-Traders
Jun 2018
Global Zinc Bromide Liquid Battery Market Outlook 2018-
2022: Sumitomo Electric, Dalian Rongke Power, Primus
Power, EnSync, Talk Daily News
Jan 2017
Ormat Technologies to Acquire Viridity Energy, Research
Views
Sep 2016
Total's venture arm acquires stake in smart grids firm
Autogrid, Reuters
Jun 2017
Glasgow-based Smarter Grid Solutions wins prestigious
Ashden Award, SBNN - Business news
Sep 2017
Tech firm Electron gets UK funding for grid blockchain
project, Power Engineering International
Dec 2017
Legal & General leads investment in DSR platform provider
Upside Energy, Clean Energy News
News
13
8
24
38
59
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Utility Solution > Network Operations Platforms > Distributed Energy Resources: Market Factsheet
50
Exits
Recent InvestmentsCompanies developing platforms
to integrate distributed energy
resources and energy providers at
the local end
GridPoint
(2003, Arlington, $326M)
Viridity Energy
(2008, Philadelphia, $70.5M)
Encorp
(1992, Holcombe, $53M)
Origami Energy
(2013, Cambridge, $51.3M)
Enbala Power Networks
(2003, Toronto, $47M)
Top Companies
#1 Top Markets of Investment Activity
Smart Grid > Market Details > Market: Distributed Energy Resources
Companies Created 59 | Funded 38 | Total Funding $745M
Market: Distributed Energy Resources
0
5
10
15
$0k
$50M
$100M
2014 2015 2016 2017 2018
Predicted Funding YoY Funding
Rounds Predicted Rounds
YoY Funding and Rounds

Utility Solution > Network Operations Platforms > Distributed Energy Resources: Top Companies
Analyst’s Pick
SaaS marketplace for managing energy products
Minicorn. Stage: Series B
Cambridge Innovation Capital, Aggreko, Octopus
Ventures, Octopus Investments
Total, Energy Impact Partners, Envision Ventures
Develops energy storage operating software
Minicorn. Stage: Series A
Southern Cross Venture Partners, Shell Global,
California Energy Commission and 5 Other
Investors
Analyst’s Pick
Integrated platform for DER's, VPP and other
energy consuming assets
MACDOCH Group, Munich Venture Partners, SET
Ventures, Itron
Endeco Technologies (2007, Watford, $3M)
Demand management platform
Editor's Pick. Stage: Seed
European Union, Business Angel Partnership, AIB
Seed Capital Fund and 3 Other Investors
Ampard (2011, Zurich, $2.6M)
Aggregates solar storage systems to virtual power
plants
Editor's Pick. Stage: Series A
Zurcher Kantonalbank, BKW
Ethereum blockchain platform for smart grid
SYSTEMIQ, Tokyo Electric Power Company, UK
Government
Analyst’s Pick
Arensis (2016, Los Angeles)
Provider of waste to energy solutions
Editor's Pick. Stage: Funded
Hadrians Wall Capital
Causam Energy (2013, Raleigh)
DER platform for utilities, retail providers and
distributed generators
Elum Energy (2015, Paris)
Distributive energy resources platform
Kima Ventures

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
52
Utility Solution > Network Operations Platforms > Distributed Energy Resources: Leaderboard
Better than Market Average
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 GridPoint 2003 Arlington Acquired $326M - 3 - - 15 1.3M 568 300 5 -1.1M -44% 2 67% 10 2%
4.9 Comwatt 2010 Montpellier Seed $1.3M - 5 - - - 2.7M 600 300 4 2M 158% - - 69 13%
4.8 Ampard 2011 Zurich Series A $2.6M - 5 - - 1 8.1M - 825 3 -2.1M -20% 1 50% - -
4.7
Demand
Energy
Networks
2008
Liberty
Lake
Acquired $15.4M - - - - 6 5.3M 2.1k - - 2M 95% - - 72 4%
4.6 Autogrid 2010
Redwood
City
Series C $41.8M - - - - 12 932k 894 - - -565k -38% - - 73 9%
4.5
Enbala Power
Networks
2003 Toronto Series B $47M - - - - 6 2.8M 1.4k - - -939k -27% - - 74 6%
4.5
Origami
Energy
2013 Cambridge Series B $51.3M - - - - 9 2.9M 603 - - -504k -15% - - 138 30%
4.4 Electron 2015 London Series A $505k - - - - 3 3.1M 1.4k - - 2M 74% - - 408 45%
4.3 Upside Energy 2013 Crewe Series A $8.2M - - - - 4 3M 904 - - -2M -40% - - 157 21%
4.2 DEPsys 2012 Puidoux Series A $3.1M - - - - 1 987k 119 - - 21k 2% - - 45 59%
4.1
VCharge
Energy
2009 Providence Acquired $3.8M - - - - - 8.5M 185 - - 5M 71% - - 7 4%
4.0 QOS Energy 2010
La
Chapelle-
sur-erdre
Series A $4.4M - - - - 8 687k 255 - - -79k -10% - - 32 14%
3.9 PowerOasis 2007 Watchfield Series B $12M - - - - 1 10M 62 - - 3M 22% - - 6 10%

Incubators TiE LaunchPad (#1), Property Innovation Labs (#1)
Seed LEAP Global Partners (#1), Cervin Ventures (#1)
Series A/B Foundation Capital (#1), Grotech Ventures (#1)
Series C+ Northgate Capital (#1), Sequoia Capital (#1)
Enoro Jul - 2017
Acq by Hansen Technologies for $73.8M
PayLease Jul - 2017
Acq by Vista Equity Partners
Qundis Apr - 2017
Acq by KeepFocus for $436M
Junifer Systems Mar - 2017
Acq by Gentrack for $52.6M
Gentrack Jun - 2014
IPO'd on ASX
EnTech USB Apr - 2014
Acq by Enernoc
Series B
haulogy (2005, Brussels)
$921k - Seed
One Utility Bill (2014, Newcastle
Upon Tyne, $1.8M)
$915k - Seed
node.energy (2017, Frankfurt Am
Main, $915k)
$6M - Series A
PayStand (2013, Scotts Valley, $7M)
Seed
PayStand (2013, Scotts Valley, $7M)
$20M - Series C
Feb 2017
Gentrack sees first-half revenue up 20% as new projects
come on stream, The National Business Review Online
Apr 2007
EMeter raises $11.79 for energy information management,
VentureBeat
Feb 2017 BofA Agents $915MM Facility for ACI Worldwide, ABFJournal
Mar 2017
MasterCard and ACI Worldwide Reach Agreement to Resolve
Lawsuit, Marketwired
Feb 2017
Co-op Chooses ACI Worldwide for Cloud-based Mobile
Wallet Service, Financial IT
Mar 2017 Urjanet raises $20M in Series C funding, FundingSMEs
Jul 2009
eMeter Secures $32 Million Through a Financing Round Led
by Sequoia Capital, Business Wire
Jul 2017
ACI Worldwide reports Q2 loss per common share of $0.25,
Indiatimes
Jul 2010 eMeter Closes $12.5M Financing Round, FinSMEs
Jun 2017 Francisco Partners is said to seek buyer for PayLease, PE Hub
Dec 2017 ACI Worldwide certified for Swift gpi, Finextra
Jul 2017
Greenbird appoints Entrepreneur Bill Joss as Chairman,
GlobeNewswire
Nov 2017
ACI Worldwide, Inc. 2017 Q3 - Results - Earnings Call Slides,
Seeking Alpha
Mar 2017
ACI Worldwide, Inc. Reports Financial Results for the
Quarter and Full Year Ended December 31, 2016, EconoTimes
News
17
6
13
31
126
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Advanced Metering Infrastructure > Meter Data Management & Customer Information Systems: Market Factsheet
53
Exits
Recent InvestmentsCompanies developing the
software layer that compiles
meter data and other monitoring
information provided by meter
devices and allows for business
applications
eMeter
(1999, San Mateo, $68M)
Excelergy
(1998, Lexington, $38M)
Itineris
(2003, Deurle, $32.5M)
Urjanet
(2010, Atlanta, $30.2M)
PayStand
(2013, Scotts Valley, $7M)
Top Companies
Smart Grid > Market Details > Market: Meter Data Management & Customer Information Syste
Market: Meter Data Management & Customer Information Syste
0
5
10
$0k
$20M
$40M
2014 2015 2016 2017 2018

Advanced Metering Infrastructure > Meter Data Management & Customer Information Systems: Top Companies
Analyst’s Pick
IT solutions & services provider for Utility Industry
Minicorn. Stage: Series D
Gimv, PMV, SmartFin
One Utility Bill (2014, Newcastle Upon Tyne,
$1.8M)
Bill intelligence for tenants, landowners
Middleton Enterprises, Property Innovation Labs,
Northstar Ventures, Blueray Capital
node.energy (2017, Frankfurt Am Main, $915k)
Provider of software for the automatic reading of
energy meters
High-Tech Grunderfonds
haulogy (2005, Brussels)
SaaS-based meter data management & customer
information systems
Editor's Pick. Stage: Series B
SRIW
Analyst’s Pick
NSOFT (1996, Bangalore)
AMI and software solutions for billing and energy
management to utilities service providers
Canbank Venture Capital Fund
PayLease (2003, San Diego)
Provides payment solutions to property
management industry.
Editor's Pick. Stage: Acquired
Francisco Partners, Nadavon Capital Partners,
Mainsail Partners, De Anda Capital

55
Advanced Metering Infrastructure > Meter Data Management & Customer Information Systems: Leaderboard
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 PayLease 2003 San Diego Acquired - 4 4 3 4 7 24k 2.2k 30k 63 -3k -9% 6 11% 50 2%
5.0
Rainforest
Automation
2004 Burnaby Unfunded - - 3 - - - 1.7M 199 300 5 -140k -8% 2 67% 6 3%
4.9 ACI Worldwide 1975 Omaha Public - 5 - 3 4 72 221k 6.1k - - 41k 22% - - 318 6%
4.9
Daffron and
Associates
1976
Bowling
Green
Unfunded - 3 5 4 3 - 10M 297 150 3 - - - - 7 2%
4.8 node.energy 2017
Frankfurt
Am Main
Seed $915k - - - 4 1 10M 79 - - -651k -6% - - 10 14%
4.8 Methodia 1998 London Funded - 4 - - 4 - 10M 98 - - 10M 173% - - 2 2%
4.8 Magnaquest 1997 Hyderabad Seed $1.5M 4 - - 3 - 77k 47 - - 4k 5% - - 4 9%
4.7 SEDC 1976 Atlanta Unfunded - 4 - - 4 - 59k 781 - - -5k -8% - - 45 6%
4.7 Avertra 2007 Herndon Unfunded - 2 - - 5 - 5.5M 147 - - - - - - 26 21%
4.6 Blue Ocean 2005 Wilmington Unfunded - 4 - - 4 - 3.2M 316 - - 2M 153% - - 18 6%
4.6 Greenbird 2010 Oslo Series A $5M - - - - 3 3.5M 2.8k - - 702k 26% - - 141 5%
4.6 Lime Energy 1997 Newark Public $10M - - - - 2 3.2M 1.4k - - 2M 50% - - 4 -
4.5 Urjanet 2010 Atlanta Series C $30.2M - - - - 3 1.6M 4.5k - - -24k -1% - - 140 3%
4.5 Energyworx 2012 Amsterdam Series A $1.1M - - - - - 5.4M 269 - - 3M 73% - - 3 1%
4.4 Harris Utilities 1976 Ottawa Unfunded - - 1 - - - 9.1M - 75 2 -1.3M -12% - - - -

Incubators Techstars (#1), Bethnal Green Ventures (#1)
Seed Blockchain Capital (#1)
Series A/B
Bessemer Venture Partners (#1), Lightspeed India Partners
(#1)
Series C+
Oct - 2017
IPO'd on NSE
Series A
LO3 Energy (2012, New York City,
$5.8M)
$25k - Seed
WePower (2017, Gibraltar, $25k)
$527k - Series A
$7M - Series A
Drift (2015, Seattle, $10M)
$5.8M - Series A
LO3 Energy (2012, New York City,
$5.8M)
Series A
Indian Energy Exchange (2007,
Delhi, $15.6M)
$6.8M - Series A
LevelTen Energy (2016, Seattle,
$6.8M)
Seed
Power Ledger (2016, Perth)
$5.1M - Series A
Series A
Lumenaza (2013, Berlin)
Sep 2017
Aussie Solar Startup Power Ledger, Energy Giant Origin
Begin Blockchain Trial, CryptoCoinsNews
Feb 2018
Aussie blockchain startup Power Ledger forms US
partnership to roll out “hundreds” of energy trading projects,
SmartCompany
Sep 2017
Tech Mahindra, Power Ledger to Test MaaS-Based Electricity
Solution, News18
Dec 2017
IEX’s SN Goel on setting up gas exchange, expansion and
more, VCCircle
Mar 2017
Kontrol Energy Corp. completes private placement and fifth
tranche closing of unit private placement offering, CNW
Nov 2007
Kontrol Energy system aimed at distributed energy,
Decentralized Energy
Dec 2017
Blockchain Startup LO3 Partners With Power Exchange,
CoinDesk
Jan 2018
Blockchain Energy Pilot Launched In Estonia By Elering AS,
WePower, BlockTribune
Jul 2017
Conjoule closes Series A investment from innogy Innovation
Hub and TEPCO, ACN Newswire
Oct 2017
Open Utility scoops BEIS funding for ‘groundbreaking’
flexibility marketplace, Clean Energy News
Mar 2017
Energy Startup Vandebron Bids €1 Million On Dutch Coal
Power Plant To Turn It Into Theme Park, CleanTechnica
Jan 2018
New Energy Procurement Marketplace Launches,
EnergyManagerToday
Feb 2018
EU blockchain company raises $40m for green energy
trading, Metering
News
2
2
10
20
42
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Utility Solution > Network Operations Platforms > Distributed Energy Resources > P2P Energy Sharing and Trading: Market Factsheet
56
Exits
Recent InvestmentsCompanies developing platforms
to enable P2P energy sharing or
trading for prosumers, consumers
and generators
Drift
(2015, Seattle, $10M)
LevelTen Energy
(2016, Seattle, $6.8M)
LO3 Energy
(2012, New York City, $5.8M)
Conjoule
(2017, Essen, $5.1M)
Enova Community Energy
(2016, Byron Bay, $3.8M)
Top Companies
Smart Grid > Market Details > Market: P2P Energy Sharing and Trading
Companies Created 42 | Funded 20 | Total Funding $55.1M
Market: P2P Energy Sharing and Trading
0
5
10
$0k
$10M
$20M
$30M
2014 2015 2016 2017 2018

Utility Solution > Network Operations Platforms > Distributed Energy Resources > P2P Energy Sharing and Trading: Top Companies
Analyst’s Pick
LevelTen Energy (2016, Seattle, $6.8M)
Renewable energy transaction platform
Prelude Ventures, Techstars, Founders' Co-op and 2
Other Investors
P2P energy marketplace to connect producers and
consumers
Tokyo Electric Power Company, innogy Innovation
Hub
Kontrol Energy Corp (2006, Mississauga,
$679k)
Market place platform for renewable energy using
data analytics
UK Government, Nominet Trust, Bethnal Green
Ventures
Analyst’s Pick
Open Energy Exchange (2015, Hamburg,
$27k)
Renewable energy C2C energy marketplace
Axel Springer Plug and Play Accelerator
WePower (2017, Gibraltar, $25k)
Blockchain-based green energy trading platform
Startupbootcamp
Dajie (2015, London)
P2P energy sharing platform
Minicorn. Stage: Seed
Rockstart
Bovlabs (2017, Sunnyvale)
Offers peer-to-peer exchange of renewable power
Editor's Pick. Stage: Unfunded
Power Ledger (2016, Perth)
P2P energy trading
Government of Australia, Blockchain Capital,
ValueNet Capital, Decuria Capital
Analyst’s Pick
Volt Markets (2016, Houston)
Distribution marketplace for Decentralized RECs
Boost VC

58
Utility Solution > Network Operations Platforms > Distributed Energy Resources > P2P Energy Sharing and Trading: Leaderboard
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Power Peers 2014 Amsterdam Unfunded - - 3 - - - 1.3M 560 3k 24 -199k -15% 17 243% 93 20%
4.9
Indian Energy
Exchange
2007 Delhi Public $15.6M - 4 - - 14 747k 25 3k 64 92k 14% 4 7% -1 -4%
4.7 WePower 2017 Gibraltar Seed $25k - - - 3 8 515k 37k - - 508k
1195
%
- - 11.4k 44%
4.6 LO3 Energy 2012
New York
City
Series A $5.8M - - - - 9 1.2M 2.2k - - 441k 66% - - 544 35%
4.5 Vandebron 2013 Amsterdam Series A $2.2M - - - - 2 481k 5.1k - - 133k 37% - - 195 4%
4.4 Drift 2015 Seattle Series A $10M 4 - - 4 1 1.2M 2k - - -294k -20% - - -8 -
4.2 Conjoule 2017 Essen Series A $5.1M - - - - 1 9.6M 250 - - 8M 288% - - 61 32%
4.1 Solar Bankers 2009 Phoenix Unfunded - - - - 3 3 2.5M 39k - - 2M 224% - - 19.8k 102%
4.0 ELONCITY 2017 Dublin Unfunded - - - - 5 - - 21k - - - - - - - -
3.8
Kontrol Energy
Corp
2006 Mississauga Public $679k - - - - 32 2.2M 284 - - -2.4M -53% - - 43 18%
3.7
Grid
Singularity
2016 Vienna Funded - - - - - - 3M 3.1k - - 2M 59% - - 518 20%
3.6 Open Utility 2013 London Series A $550k - - - - 1 3.3M 1.8k - - -1.5M -32% - - 33 2%
3.5 Gridmates 2014 Austin Seed $50k - - - - - 10M 3.1k - - 13M 208% - - -1020 -25%
3.3 BEATRIX 2017
Frankfurt
Am Main
Unfunded - 2 - - 4 - - 826 - - - - - - - -

Smart Grid > Market Details > Market: Load Management
Market: Load Management

Smart Grid > Market Details > Market: Energy Intelligence
Companies Created 191 | Funded 47 | Total Funding $95.9M
Market: Energy Intelligence

Smart Grid > Market Details > Market: Asset Intelligence
Market: Asset Intelligence

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
68
Notable Acquisitions
Top Acquirers
Acqui-hires

Public companies (1/4)
70
Performance indicators of public companies in Smart Grid
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Oct 2017
Indian Energy Exchange (2007, Delhi)
$36.6M NSE:IEX
Jul 2017
Landis+Gyr (1896, Zug)
Smart Meters and communication provider : End to end energy
management solutions
$2.4B $1.6B SWX:LAND
Aug 2016
Kontrol Energy Corp (2006, Mississauga)
$13.4M $1.4M CNSX:KNR
May 2016
Kerlink (2004, Bretagne)
M2M communication equipments for connecting objects
$41.5M $14.9M
EURONEXT:ALK
LK
Apr 2016
Torino Power Solutions (2015, Vancouver)
Sensor-based power line monitoring technology
CNSX:TPS
Dec 2015
BuildingIQ (2009, Foster City)
$9.3M $65.4M $3.6M ASX:BIQ
Jun 2014
Gentrack (1989, Auckland)
Smart billing and customer management solutions for energy, water
and airport utilities.
$495M $164M $40.2k ASX:GTK
Jun 2012
Utilitywise (2006, Newcastle Upon Tyne)
Electricity, gas & water prices comparison service provider
$57.3M $111M LON:UTW
Sep 2011
Suntront Technology (2000, Zhengzhou)
Smart meters for electricity, water and gas segments
$850M 33.61 SHE:300259
Smart Grid > Exit Outlook > Public Companies

71
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Aug 2011
Linyang Energy (1995, Nantong)
Smart meters and LED products
SHA:601222
Jul 2011
Smart Metering Systems (1995, Glasgow)
Connection management, meter asset management and energy
efficiency solutions
$80.3M $82.1M 39.19 LON:SMS
Jun 2011
Ubisense (2002, Cambridge)
Ubisense provides location intelligence solutions for manufacturing,
transit, telecommunications, and utilities.
$54.4M $32.4M LON:UBI
Jan 2011
PSI Software (1969, Berlin)
Software developer for energy, manufacturing, and infrastructure
companies
$317M $186M 25.09 FRA:PSAN
Sep 2007
Omni System (1997, Seoul)
Provider of advanced meter reading systems
KOSDAQ:57540
Jun 2007
EnSync (1986, Menomonee Falls)
Manufactures intelligent energy storage systems
NYSE MKT:ESNC
Dec 2005
Wasion Group (1998, Changsha)
Smart metering devices manufacturer
$565M 10.76 HKG:3393
Dec 2005
Cyan Connode (2000, Swavesey)
Utility metering and lighting management
$32.3M $2.3M LON:CYAN
Jun 2004
Elspec (1988, Caesarea)
Power quality meters and analyzers for electric grid
$14.9M 14.1 TLV:ELSPC

72
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Oct 2003
NARI Technology (2001, Nanjing)
Smart distribution automation solutions
SHA:600406
Jan 2003
LS Industrial Systems (1974, Anyang-si)
Transmission and Distribution automation solutions
$1.8B KOSDAQ:10120
Sep 2001
Genus Power Infrastructure (1992, Jaipur)
Advanced metering infrastructure, smart meters and, solar panel
manufacturer
$144M $105M 9.51 BOM:530343
Sep 2000
Dongfang Electronics (1957, Yantai)
Transmission and distribution automation solutions
SHE:682
Jan 2000
Lime Energy (1997, Newark)
Customer relationship software for utilities
NASDAQ:LIME
Jan 2000
Hansen Technologies (1971, Doncaster East)
Billing, customer care and meter data management solutions
provider
$522M $52.7M $134M 24.77 ASX:HSN
Sep 1999
Vitria Technology (1994, Sunnyvale)
Advanced Analytics Platform
$484M $53.7M NASDAQ:VITR
Apr 1997
Altairnano (1973, Reno)
Energy Storage systems using batteries
$929k OTCMKTS:ALTI
Mar 1995
ACI Worldwide (1975, Omaha)
Provider of software solutions for utility billing and electronic
banking
$3.2B $343M 88.32 NASDAQ:ACIW

73
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Nov 1993
End to End solutions for smart grid
$2.6B $2B NASDAQ:ITRI
Encorp (1992, Holcombe)
Demand response and smart communications systems
$1.8M ENCORP
Attune RTD (2001, Palm Springs)
Peak demand response and price savings
Viper (2000, Troy)
Developer of LED lighting with smart grid applications
Infrax Systems (2004, Pinellas Park)
Communications, mesh networks and AMI solutions
Integrated Electronic Systems Lab
Software solutions for smart cities, smart grids, and utility
management
Quadlogic Controls (1982, Long Island City)
Smart meters and energy monitoring systems for buildings
Nuri Telecom (1992, Seoul)
Smart Grid and Energy Management systems

Notable Acquisitions (1/9)
74
Notable Acquisitions in Smart Grid
Smart Grid > Exit Outlook > Notable Acquisitions
2018 YTD
Acquirer: Brookfield Deal: $4.3B
Enercare (2002, Toronto)
Provider of smart metering services and HVAC
system maintenance
Acquirer: ChargePoint
Kisensum (2014, Oakland)
Battery Management System, Demand management
by integration of energy storage
Acquirer: GoCompare Careers
Deal: $13.4M
Energylinx (2002, Alloa)
Provider of utility comparison platform
Acquirer: Nokia
Acquirer: Inspired Energy PLC
Deal: $5.4M
SystemsLink (1996, Bedford)
Energy monitoring software for multi site
organisations
2018 YTD
Acquirer: Franklin Energy
PlanetEcosystems (2009, San Francisco)
Demand side management enabling platform for
utilities and their service providers
Acquirer: Ingersoll-Rand
Agilis Energy (2003, Raleigh)
Smart meter driven energy analytics
Acquirer: Vestas Deal: $100M
2017
Acquirer: Hubbell Deal: $1.1B
Aclara Technologies (1972, Hazelwood)
Connective platform for smart grid
Acquirer: Trivest
NuEnergen (2012, New York City)
Provider of demand response services and smart
grid solutions
Acquirer: Centrica Deal: $81M
REstore (2010, Antwerp, $11.9M)
Cloud-based automated demand response program
solutions
Acquirer: Itron Deal: $830M
Silver Spring Networks (2002, Redwood City,
$360M)
Connectivity platform and network provider for
communications between utility and customer,
smart meters and communication nodes
Acquirer: Pacific Volt
Microplanet Technology (1995, Seattle)
Voltage regulation products for utilities

75
2017
Acquirer: Tantalus systems
Energate (2004, Ottawa, $7.2M)
Demand response solutions and energy
Acquirer: Enel Green Power Deal: $250M
Demand response and SaaS provider
Acquirer: Willdan
Integral Analytics (2005, Cincinnati)
DER integration application and demand
forecasting
Acquirer: EDW Technology
Team (1985, Milton Keynes)
Multi-site energy management system
Acquirer: Aggreko Deal: $52.1M
Younicos (2006, Berlin, $75M)
Battery parks and microgrid systems
2017
Acquirer: Hansen Technologies
Deal: $73.8M
Enoro (2012, Oslo)
Smart metering, smart grid and energy data
Acquirer: Vista Equity Partners
PayLease (2003, San Diego)
Provides payment solutions to property
management industry.
Acquirer: Next Kraftwerke
Energie365 (2013, Utrecht)
DER's integration platform and demand side
management
Acquirer: ERMCO Inc.
GridBridge (2012, Raleigh, $500k)
Grid edge technology to modernize power delivery
systems
Comverge (1980, Norcross, $38M)
Demand response and energy efficiency
2017
Acquirer: KeepFocus Deal: $436M
Qundis (2009, Erfurt)
AMR system solutions for consumption data
recording
Acquirer: Gentrack Deal: $52.6M
Junifer Systems (2009, London)
Meter data management and customer information
systems
Acquirer: OVO Energy
VCharge Energy (2009, Providence, $3.8M)
Demand response solutions and heat storage
Acquirer: CLEAResult
Green Team Energy Software (2013,
Alpharetta)
DSM tracker for utilities
Acquirer: Dunes Point Capital
PDI (1978, Richmond)
Manufacturer of mission-critical power
distribution, static switching, and power
monitoring equipment for corporate data centers

76
2017
Acquirer: Enel Green Power
Demand Energy Networks (2008, Liberty
Lake, $15.4M)
Data analytics platform with integration of energy
storage systems for demand management
Acquirer: Ormat Deal: $35M
Viridity Energy (2008, Philadelphia, $70.5M)
Demand side management by online software
2016
Acquirer: Foresight Group
Utility Funding (2009, Salisbury, $11M)
Smart meters supplier in UK
Acquirer: General Electric Deal: $208M
Bitstew Systems (2005, Burnaby, $22.5M)
Software defined operations for industrial IoT
Acquirer: Kohlberg & Company
Franklin Energy (1994, Milwaukee)
Energy efficiency programs for utilities
Acquirer: Charterhouse Capital Partners
Sagemcom (2008, Rueil-malmaison)
Provides communications and energy metering
solutions
Acquirer: S&C Electric Company
IPERC (2004, Longmont)
Intelligent microgrid technologies
2016
Acquirer: Xylem Water Solutions
Deal: $1.7B
Sensus (1870, Raleigh)
Network provider, smart meters, software and
services
Acquirer: Doosan Heavy
1Energy Systems (2010, Seattle, $1.5M)
Control system software for ESS and DER's
Acquirer: Stratean Deal: $36M
CleanSpark (2012, Poway)
Micro grid market
Acquirer: DNV GL
GreenPowerMonitor (2011, Barcelona)
Remote monitoring and data management
Acquirer: Oracle Deal: $532M
Customer engagement platform, Demand response
management and Home energy management

77
2016
Acquirer: CPower
EnergyConnect (2005, Campbell, $18.7M)
Demand Response management
Acquirer: STEMhero
MeterHero (2014, Oakland)
Demand side management enablers for energy,
water and natural gas.
Acquirer: Franklin Electric Deal: $1M
Gridsense (1974, West Sacramento)
Asset management of utility infrastructure
Acquirer: Summa Equity
Egain (2003, Kungsbacka)
Energy monitoring platform provider
Acquirer: Southern CompanyDeal: $425M
PowerSecure (1991, Wake Forest)
Energy efficiency and smart grid solutions
Acquirer: Customized Energy Solutions
Powerit Solutions (2006, Seattle, $26.2M)
Demand response solutions
2016
Acquirer: OpenGate Capital
Power Partners USA
Manufacturer of overhead distribution
transformers
2015
Acquirer: Tarsier Deal: $1.9M
Demansys (2012, New Milford)
Demand response platform
Acquirer: Sensus
Sentec (1997, Cambridge)
Sensors for utilities and metering applications
Acquirer: Twenty First Century Utilities
GridPoint (2003, Arlington, $326M)
Energy Management solutions provider
Acquirer: Emerson
IntelliSAW (2011, Andover)
Provider of electric power asset monitoring
solutions
Acquirer: Rodan Energy Solutions
Energent (2007, Waterloo)
Acquirer: Ecova
Retroficiency (2009, Boston, $6.8M)
Data analytics for C&I customers

78
2015
Acquirer: Honeywell Deal: $5.1B
Elster (1994, Ocala)
AMI and AMR metering solutions
Acquirer: Enercare Deal: $7.5M
Triacta (2003, Carleton Place)
Provider of smart metering systems
Acquirer: Semtech
Enverv (2009, California, $33.4M)
Advanced Powerline Communications
Acquirer: Silver Spring Networks
Deal: $12M
Detectent (2004, Escondido, $80k)
Distributed intelligence for smart grid
Acquirer: ABB
Viola Systems (2000, Turku)
Wireless communication systems
2014
Acquirer: Infestos
Alfen (1937, Almere)
Transformer stations, Micro grid and EV charging
stations
Acquirer: Enernoc
Pulse Energy (2007, Vancouver)
Customer engagement platform
Acquirer: Enernoc Deal: $77M
World Energy Solutions (1996, Worcester)
Auction platform for energy consumers
Acquirer: Ericsson Deal: $7.5M
Ambient Corp (1996, Newton, $5M)
Communication, nodes and platform
Acquirer: Schneider Electric
Instep software (1995, Chicago)
Real-time performance management and predictive
analytics software solutions
2014
Acquirer: CLEAResult
Populus (2006, Boulder)
Demand side management programs developer
Acquirer: Causam Energy
Power Analytics (1983, Raleigh, $6M)
Energy monitoring systems, microgrid integration
systems
Acquirer: Landis+Gyr
GRIDiant Corporation (2000, Los Altos)
A Utility analytics company
Acquirer: Cofely Deal: $335M
Ecova (1995, Spokane)
Energy savings solutions for commercial and
Industrial spaces
PowerSense (2006, Holte)
Voltage sensors for MV/LV distribution grid and
SCADA systems

79
2014
Acquirer: Energy Assets Deal: $3.9M
Bglobal Metering (2004, Darwen)
Smart metering solutions
Acquirer: Enernoc
EnTech USB (1985, London)
Utility bill management software
Acquirer: Sensus
Verdeeco (2009, Atlanta, $1.5M)
Data analytics platform
Acquirer: EnerNOC
Activation Energy (2006, Dublin)
Irish Demand Response company
Acquirer: Enernoc
Entelios (2010, Munich)
Demand response
2013
Acquirer: Qualitrol
BPLGlobal (2004, Sewickley, $125M)
Distribution automation solutions
Acquirer: NRG Energy
Energy Curtailment Specialists (2001,
Buffalo)
Demand response programmes
Acquirer: Alarm
EnergyHub (2007, Brooklyn, $14.5M)
Demand response, Home energy management
Acquirer: Ormazabal
Current Group (2000, Germantown, $113M)
Complete solution for smart grid
Acquirer: Eyp
The Weidt Group (1977, Minnetonka)
Energy software for buildings and manufacturers
Consert (2008, San Antonio, $25M)
Energy Intelligence for smart grid
2012
Acquirer: Crompton Greaves Deal: $183M
ZIV (1993, Zamudio)
Smart meters, communication systems and
controllers
Acquirer: ABB
Tropos Networks (2000, Sunnyvale, $27.3M)
Wireless broadband mesh networks
Acquirer: Eaton Deal: $13B
Cooper Power systems (1985, Waukesha)
End to end solutions for smart grid and energy
efficiency products
communication systems for smart grids
Acquirer: Pacific Controls
Infotility (2002, Boulder)
Renewable energy integration software

80
2012
Ecologic Analytics (2000, Bloomington)
Meter Data Management Software
2011
Acquirer: Siemens
eMeter (1999, San Mateo, $68M)
Meter data management software
Acquirer: ABB
Powercorp (1988, Darwin)
Renewable energy integration to grid
Acquirer: Enernoc Deal: $30M
Energy Response (2004, Melbourne)
Australian Demand response company
Acquirer: Alstom
Utility Integration Solutions (UISOL)
(2002, Seattle)
Project management and consulting services for
utility industry
2010
Acquirer: Constellation
CPower (2001, Baltimore, $34M)
Demand response solutions
Acquirer: BGE
CPower (2014, Baltimore)
Demand response company
Acquirer: Honeywell
E-Mon (1981, Langhorne)
Smart metering products and energy monitoring
systems
Acquirer: El Sewedy Electrometer Egypt
ZPA Smart Energy (1958, Trutnov)
Smart Meter, AMR meters manufacturer
Acquirer: Bglobal Metering Deal: $7.6M
Utiligroup (1997, Chorley)
Meter data management and data analytics for
smart grid

81
2010
Acquirer: PRIME Alliance
Dexma (2007, Barcelona, $1.3M)
Cloud-based energy management analytics software
provider
Acquirer: Honeywell
Akuacom (2002, San Rafael)
Automated demand response provider
Acquirer: ABB Deal: $1.2B
Ventyx (1997, Atlanta)
Software solutions for utilities and telecoms
Acquirer: Cooper Power systems
Eka Systems (2000, Germantown, $35M)
Smart grid networking
Acquirer: Maxim Integrated Deal: $315M
Teridian Semiconductor (1972, Irvine)
Mixed signal integrated circuits (ICs) for Smart grid
applications
2009
Acquirer: Elster
EnergyICT (1991, Kortrijk)
Meter data management, building energy
Acquirer: Blackberry Deal: $107M
Certicom (1985, Mississauga)
Elliptic curve encryption based security solution
Acquirer: Nexant
Excelergy (1998, Lexington, $38M)
Software solutions for utilities
Before 2008
Acquirer: BPLGlobal
Serveron (2000, Beaverton, $38M)
Monitoring devices for T&D systems
Acquirer: Oaktree Capital Management
GoodCents (1977, Alpharetta)
Demand response programs for utilities
Acquirer: Oracle
Lodestar Corporation (1998, Peabody)
Meter data management , pricing and billing
software
Acquirer: Honeywell
Energy Services Group (1997, Norwell)
Meter data management, billing and CIS solution for
retail energy clients
Acquirer: ESCO Technologies Deal: $28.5M
Nexus Energy Software (1997, Wellesley,
$6.3M)
Software provider for meter data management

82
Before 2008
Acquirer: Mirant Corporation
Deal: $201M
Jamaica Public Service (1923, Kingston)
Engaged in the generation, transmission and
distribution of electricity and metering solutions
Cellnet Technologies (1991, Zug)
Smart metering and communciation systems
Acquirer: Murata Energy Solutions
Vedero Software (2009, Plano, $3.3M)
Automatic demand response solutions for
commercial buildings

Most Active Acquirers
83
Smart Grid > Exit Outlook > Most Active Acquirers

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
84
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

Smart Grid > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in Smart Grid; Last 5 years (Aug 2013 - Jul 2018)
Index of Most Active VC & PE Investors
SEED STAGE
Almi (4 Investments)
High-Tech Grunderfonds (2 Investments)
GE Ventures
Prelude Ventures
Bolt
Charles River Ventures
Cervin Ventures
Serra Ventures
Navitas Capital
Passion Capital
Go Capital
Demeter
1776
HCAP Partners
EARLY STAGE
GE Ventures (5 Investments)
Constellation Technology Ventures (3
Investments)
Southern Cross Venture Partners (3
Investments)
Statkraft Ventures (3 Investments)
SET Ventures (3 Investments)
Prelude Ventures (2 Investments)
next47 (2 Investments)
ETF Partners (2 Investments)
DBL Partners
RockPort Capital
Octopus Ventures
Gimv
GXP Investments
LATE STAGE
EnerTech Capital (2 Investments)
GXP Investments (2 Investments)
Temasek
Prelude Ventures
SB China Capital
Georgian Partners
Electranova Capital
Next World Capital
Correlation Ventures
Envision Ventures
Oak HC/FT
Zouk Capital
Elevate Ventures
UMC Capital

Almi
87
Portfolio in Smart Grid | Exits | Funds Link | Website | LinkedIn | Twitter
Smart Grid > Investors > Almi
People
Investments
[Editor's Pick] Eliq (2008, Gothenburg, $6.3M, Seed)
Energy monitoring for homes
Smart Grid Notable Portfolio
[Minicorn] Apica (2005, Stockholm, $37.4M, Series D)
Solutions for application performance testing and monitoring
[Minicorn] FishBrain (2010, Gothenburg, $28.5M, Series B)
Mobile social network for fishers
[Minicorn] COS Systems (2008, Umea, $2.3M, Series A)
Analysis, marketplace and activation tool for fiber networks
[Minicorn] Med Universe (2009, Stockholm, $1.3M, Series A)
Patient case software for life science industry
[Minicorn] Netrounds (2007, Lulea, $1M, Series A)
Network testing & service assurance solutions provider
[Editor's Pick] Greenbyte (2009, Gothenburg, $6.2M, Series B)
Renewable energy generation monitoring and plant management
systems
[Editor's Pick] InCoax (2010, Gavle, $1.1M, Series A)
Coaxial Network Controller
[Editor's Pick] Handiscover (2014, Angelholm, $700k, Seed)
Online accommodation booking platform for disabled people
[Editor's Pick] ReVibe Energy (2014, Gothenburg, $450k, Series
A)
Energy harvesting by converting vibrations into electricity
[Editor's Pick] Zero Parallax (2015, Are, $234k, Seed)
Image capture technology for virtual reality and industrial applications
[Editor's Pick] SeaTwirl (2013, Gothenburg, Public)
Vertical Axis Offshore wind turbine developer
Other Notable Portfolio
Top Exits
Recent News on Fund & Portfolio
Goran Lundwall
CEO
Mikael Karlsson
CEO
Geographical Spread Stage of Entry
Nov 2017
Swedish energy startup Eliq raises €3 million from angel
investors, Tech.eu
Oct 2017
New partnership to help Swedish utilities improve
customer engagement, Metering
Feb 2017 dLaboratory from Lund receives funding, Øresund Startup
Dec 2010
Metrum Sweden Raises Funding from Almi Invest and K-
svets Venture |FinSMEs, FinSMEs
None
1
2
1
2013 2014 2015 2016 2017 2018
Follow On New Investments
1
-
-
1
4
Undisclosed
Series C+
Series B
Series A
Seed6
-
-
-
-
Europe

Tracxn - Smart Grid Startup Landscape

Tracxn - Smart Grid Startup Landscape

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