Tantalus Systems Corp., a Vancouver, BC, Canada-based developer of a Smart Grid data communications technology, has raised $14m in equity funding.
The round was led by Redpoint Ventures and included several current investors in the company.
The capital infusion will be used to fund the ongoing penetration of the company’s energy efficiency solutions into co-op and municipal utilities.
Commenting on the round, Eric Murray, President and CEO of Tantalus, was quoted as saying: “This funding provides us with additional resources to meet ever-increasing market demand for Tantalus solutions, continue to expand our product portfolio, and reach profitability this year”.
Tantalus’ wireless communications technology, called TUNet(R) – the Tantalus Utility Network – provides electric, gas & water utilities with improved control over their power grid by automating processes like outage detection, load forecasting, billing and reporting, demand response, and maintenance. It results in operational efficiency for the utility and greater service reliability for the consumer.
The company currently counts more than 30 utilities among its customer base and serves the United States and Canada from numerous regional offices.