Cuculus GmbH, a Ilmenau, Germany-based developer of smart metering and home control solutions, completed a strategic financing round of undisclosed amount with T-Venture.
The company intends to use the funds to gain market share, establish international presence as well as further develop products.
In February 2010, Yellow&Blue Clean Energy Investments invested €2.6m in the company joining KfW, High-Tech Gruünderfonds, SIEGMUND Beteiligungsgesellschaft and the management team.
Founded in 2007 as a spin out from Ilmenau University of Technology and IDEO Laboratories GmbH, and led by CEO Kjartan V. Skaugvoll, Cuculus helps utilities deliver “Smart Metering” by connecting electric, gas and water meters to a technology platform (ZONOS) that can be integrated with existing systems. The company also offers “Home Control” services which provide a technological infrastructure allowing home appliances and Internet Service Providers (ISPs) to be effectively managed.
Cuculus manages projects for a number of German utilities and maintains a strong network of partners, developers and device manufacturers across Europe.