GridPoint, a well-funded smart-grid startup, raises $15M more
GridPoint, a smart-grid company that can intelligently manage energy sources and storage for utilities, has pushed its total equity raise to $102 million with an add-on of $15 million to its fourth round.
The company works to distribute the power and storage of utilities, as well as tying in unreliable renewable sources like wind and solar power. The GridPoint SmartGrid Platform is the locus of these services, a node in homes and businesses that communicates back to the utility.
GridPoint had previously raises almost $50 million in its fourth round. The additional $15 million pushes the total for this round — perhaps the company’s last — to $63.5 million. Quercus Trust provided the additional amount as a strategic investment.
There are numerous other venture investors in the company, including Goldman Sachs, New Enterprise Associates, Susquehana Private Equity Investments, Perella Weinberg Partners and Robeco.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.